DEAL IMPEDIMENTS

By Robin Shapiro

A deal should get put into contract after a price is agreed upon and the house is inspected. Most deals actually get “done” after going into contract. The contract phase is a major step in the process. There are many possible impediments to this step. The real estate broker can negotiate solutions to problems. I often get things resolved myself; I am good at it. However, at this point, the lawyers are frequently involved in contentious issues as well. This is why it’s important to have the “right” lawyer: experienced in Rockaway real estate, responsive/user friendly, and knowledgeable. Some issues which can arise:

• getting the contract written and signed – lawyers are busy, people are busy, and sometimes there are several buyers or sellers who must sign.
• agreement on an approximate closing date.
• sale price adjustments based upon the inspection.
• agreement on a mortgage contingency, or the amount of the down payment.
• Certificate of Occupancy issues and/or title issues.

This weekend will be slow in real estate due to the Jewish new year – Rosh Hashanah, which begins Friday night and ends on Sunday night. I want to wish all my Jewish friends a happy and healthy new year!

Call me.  Love, Robin.