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