About a month ago we came to a verbal agreement with a seller to buy a house. Since that moment everything has been going at a snails pace. This of course is because there is a lawyer involved who seems to not be making this a priority. Besides taking a week to respond to anything we need from him he placed some addendums into our contract. Non of which are terrible, but it just means the entire process will take longer as we negotiate some of them (remember he takes about a week to get back to use on everything).
The addendum to the Contract
- Any inspector we bring in to look at the property must be properly licensed and insured
- The offer to purchase is to be made with an Estate of Geraldine
- That we include with our offer a $1000 deposit into the seller’s lawyers escrow account
- The seller will provide a Deed with Covenants against Grantor’s act, rather then a Warranty Deed
- Buyer will have 30 days to investigate the “commercial” zoned status of the lot
- The grantor states there are no hidden liens or encumbrances on the property. In other words, there are no debts or holds other than those that are obvious in public records.
- the grantor declares that he or she is the owner of the property and has a right to sell it to you.
- The grantor guarantees that if the title ever fails he or she will compensate the grantee (new owner) for any losses.
That guaranteee might or might not be helpful, because the grantor may be dead or unable to follow through on the promise if title problems are found in the future.
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