Saturday, February 10, 2007

Stories from the field...

Speaking for myself, things in the real estate field have been getting very busy the last month or so...lots of new contracts in the office. A couple stories/learning points:

A. Don't be the tacky lawyer who doesn't approve something with the title company pre-closing and then you're forced to do a "dry" close because a document wasn't done right!

In my situation this wasn't a big deal, our buyer was already renting the unit and now he bought it and everyone was friendly. But the lawyer had signed the deed using a power of attorney. Yet the property was held in the Seller's living trust. I don't think there's a hard/fast rule on this, but if the title company requires the Sellers to sign the deed, do it!!

B. Prepare your condo association for your sale...especially if it's self-managed.

This comes up a lot and we're battling one right now on the Seller side. Without getting into specifics, we may lose a Buyer because this condo association is a pain in the butt in terms of getting disclosures and explanations about various things like municipal violations (not to mention the fact it's been horribly financially managed). If you're a Seller, make sure you have your association contact prodded and ready to get you disclosures when a Buyer asks.


At 2:35 AM, Blogger Eric Rojas said...

Great point about the condo association preparation in this post. Nothing more annoying than the sell side unprepared... no docs, no info, no answers. Sellers, get it together. A buyer will be more receptive if you have your ducks in a row... and the negotiation will be a breeze.

At 8:18 AM, Blogger Peter said...

It's most annoying when I and client (Seller) are doing everything right and often with this self-managed associations, it takes them forever to get disclosures to you.

At 6:24 PM, Blogger Eric Rojas said...

You bet,

I have that issue now as we speak. We (buyers) did not get answers to simple questions after two weeks from acceptance... even though the seller was on the board. Plus, we were referred to one person, than another (an independent CPA for the building) to get the 22.1.

My clients were antsy, thinking, if this guy is on the board, why is this taking so long? Plus, the agent should have had the contact ready come disclosure time.


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