The two most important lines in a real estate contract
What two additional lines can really protect the buyer beyond the normal contract language?
Not the closing date. Not the inspection date.
Here you go:
#1 : “seller to close out open permits and code violations prior to closing”
#2: “seller to convey marketable title at closing”
Why? These two lines provide a longer time line on the Municipal Lien Search and the Title search and require Sellers to be clear on both even after inspection and title evidence deadlines have passed. Saving buyers many headaches in arguing over these issues and potentially being forced to close in spite of them.
We have seen an increased use of this language on real estate contracts over the last year by realtors and attorneys and encourage buyers to make sure it is in their contract.
Questions? Please call us at 305-271-0100 or firstname.lastname@example.org