First Investment Purchase ..What Addendums Clauses To Use?
Please help, what addendums should i specifically use? So far I have...
All appliances stoves, refridgerators, air conditioning units, laundry machines will be inspected, and be in good working order, any found to be in need of repair, will be repaired prior to closing, or the cost of the repairs will be deducted at closing.
Seller shall satisfy/provide buyer with copies of electric and water, trash removal and exterminator's bill, copies of tax bills, and property insurance for the past two years, prior to the final acceptance of purchase contract by buyer.
All units and hallways will have functioning smoke detectors installed by seller prior to closing.
Subject to satisfactory inspection of all mechanical, electrical, plumbing, heating,roof, and structural areas of the building at buyer's expense.
Subject to satisfactory inspection of all units before closing.
Subject to satifactory environmental inspection at seller's expense before closing.
Subject to seller supplying buyer wih complete and accurate rent rolls and review of all leases and rental agreements. These items must be satisfactory to buyer.
Seller agrees to a performance contract whereby all vacant units will be rented with tenants acceptable to buyer prior to closing. Seller will deposit one months rent plus deposit with buyers attorney. Said escrow will be released pro-rata upon rental of the units after closing.
Anything else I need? Thanks for your help! bggruff <IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by bggruff on Date 02/27/2004 ]
It will be interesting to see how receptive the seller is to these contingencies. How large of a multifamily is this?. Are you paying full purchase price? What type of financing? How motivated is the seller?
For a seasoned , motivated seller these contingencies are more or less reasonable .
For a seasoned seller who's selling at a discount or just has the property on the market. , I would say no (for starters) to the appliance request, no to providing copies of bills, & no to the performance contract.
Get a copy of the tax return schedule relating to the property for the past three years.
I need to be a little clearer..
I am writing up an offer for a duplex, it has been dropped 10k already,owner has other properties, in area with high demand for rentals, getting a heloc with 20% down, listed at 82k now 72k, what do think i should offer and are there other addendum that i should be using?
just want to have everything covered. bggruff