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Outline Iron-clad Contracts 5-21-2010

Outline Iron-clad Contracts 5-21-2010

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Published by Matt Dollinger
In this class - part of the @properties training curriculum - President of Sales Jeanine McShea and Attorney John Lovestrand outline how to write (and keep together) and iron clad real estate contract.
In this class - part of the @properties training curriculum - President of Sales Jeanine McShea and Attorney John Lovestrand outline how to write (and keep together) and iron clad real estate contract.

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Published by: Matt Dollinger on May 21, 2010
Copyright:Attribution Non-commercial

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06/07/2010

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Topic: Iron-Clad Contracts
Date: May 21, 2010 John E. Lovestrand, Esq.Location:
@ properties
 
 –
Outline
– 
J Mc Presentation:
1.
 
Contracts / Overview
a.
 
Correct Form
 –
Condo/Townhome, Single Family, Multi-Unit Bldg, Coop, etc.b.
 
Complete Form
 –
Date of Acceptance, Signed Acceptance, Insert # days blanks
2.
 
“CASH”
Offers
a.
 
T
ruly “cash” buyer? GREAT
 b.
 
If not, merely strike the financing contingency period (no need to initial)3.
 
Real Estate Tax Credits
 a.
 
110% Chicago / 105% suburbsb.
 
Better to insert than leave to AA4.
 
Agents Responsibilities
 a.
 
Single Family
 –
not muchb.
 
Townhomes
 –
 
CCR’s
(Declaration of Covenants, Conditions & Restrictions)c.
 
Con
do’s –
A LOT (Condo Declaration, By-Laws, Budget, Minutes, 22.1)5.
 
Parking
 – 
 
Condo’s
a.
 
Deeded parking space UNIT? If so, it’s own PIN and its own Assessment
 b.
 
Assigned Limited Common Element? No PIN / NO Assessment (w/dwelling unit)6.
 
Storage
 – 
 
Condo’s
a.
 
Applicable to your deal? If so, limited common element or common elementb.
 
Assigned Limited Common Element? No PIN / NO Assessment (w/ dwelling unit)

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