This clause comes into its own in a flat or quieter market as a means of resolving impasses between Buyers and Sellers. * This is the ‘‘bought-down’’ rate (i.e., what the Buyer wants). RECBC recommends that licensees advise clients to obtain such advice in any circumstance where a deposit is going to be held by a third party other than a real estate brokerage, including by one of the parties to the transaction. The licensee was also required to pay costs. Sample 1 Sample 2 Sample 3 Provide the form to the seller’s licensee at the same time the offer is presented. Licensees should also advise the buyer and seller to seek legal advice regarding their respective risks in this situation. Merely attaching a PDS to a Contract of Purchase and Sale does NOT incorporate the PDS into the contract. If the seller agrees that the seller’s agent does not need to be present, the seller’s agent should obtain the full name and address of the inspector as well as information on whether the inspector is bonded. The Real Estate Development Marketing Act defines a cooperative association as. However, if it appears that unforeseen delays in construction will prevent the house being finished on time, the parties can always agree to extend the Completion and Possession Dates. In addition to the regulation, the Manufactured Home Park Tenancy Act allows arbitrators to order an assignment or sublet if the park owner withheld consent unreasonably or arbitrarily or for a reason not permitted by the regulation. Regardless of whether the transaction involves a developer or a single unit resale, licensees should be knowledge- able with respect to the proportionate fractional interest acquired, the allocation of ongoing maintenance and operating costs, the applicability of the Homeowner’s Grant and Property Transfer Tax, and the particulars of the agreement which restricts owners to using only a portion of the land that they own, such as voting rights or restrictions on transfers. The amounts of these sorts of financial obligations can be very substantial and, when combined with commissions payable, may create a circumstance where the seller has no practical remedy and the transaction collapses, leaving the buyer, the seller and the licensees involved all in regrettable positions with potential legal implications. Trading Services | 4. However, the seller should be able to prove that the system was in compliance with the regulation in effect at the time the system was constructed. NOTE: Licensees are advised that the timing requirements for builders lien holdbacks is a complex area of law and they are well advised to have their clients seek legal advice in situations involving new or recent construction. The holdback can be used to pay out the lien claimant or paid into court to discharge the lien. The Buyer acknowledges that the property and the buildings and structures thereon may have been used for the illegal growth of substances, or for the growth or manufacture of illegal substances, and acknowledges that the Seller makes no representations and/or warranties with respect to the state of repair of the premises. Sellers can be reluctant to accept subject to sale offers because they can 'tie' their properties up, because of this they will often impose a 48 hour clause on a subject to sale offer. The permission may be subject to conditions. The principal balance may be paid at any time, in full, without notice, bonus, or penalty. This week I'll be in North Carolina doing some hiking in Asheville and then later in the week I'm heading to Charlotte. In this case, the following clause should be used in the contract: Deposit to be payable within(number of hours) hours of acceptance of this offer. Even if the clause provides that the sale is subject to the sale of the buyer’s property, by a certain date, the seller is forced to wait until at least that date before accepting another offer. The sellers answered ‘‘NO’’ to question #25 on the PDS which asked ‘‘Are you aware of any infestation by insects or rodents?’’. If required, the following condition may be added to the contract: Subject to the Buyer obtaining confirmation from his or her insurance agent on or before (date) that the (select either wood stove or fireplace insert and/or chimney) installed on the property will not void his or her fire insurance coverage. A Disclosure Statement must be filed with the Superintendent of Real Estate before a developer or the developer’s agent can market one shared interest in a development containing at least two shared interests. RECBC considers this a positive development in that a property inspection will assist the buyer in understanding, prior to the purchase, the condition of the property and what repairs may be necessary. Making offers subject to the sale of their home offers the required protection. This is a suspensive condition meaning that if the sale of a property is subject to the sale of another one, it simply means that if that event does not take place the transaction lapses and therefore no cancellation of such a transaction is necessary. No further action is required by the buyer to ensure that the buyer will have the use of the parking stall/storage locker. We organized all clauses in categories and listed them all on the table of contents to make it easier for you to locate the clause you need. The Real Estate Development Marketing Act requires that a developer file a Disclosure Statement before marketing a leasehold unit of a term of three years or more in a development property containing five or more residential leasehold units. The Seller will pay a discount to the (select either mortgagee or broker) on the (select either first or second) mortgage arranged by the Buyer, sufficient to yield the mortgagee an interest rate of ___ %** per annum, calculated (select either half-yearly or monthly), not in advance, for a term of ___ years, but the amount of discount and buy-down costs may not exceed $(amount) in total and will be deducted from the proceeds of sale due to the Seller on completion.