Help! - Condo Conversion Investment Jitters
This is my first time buying a condo conversion unit and am quite nervous.
I recently received the contract to purchase the unit in a in a great Florida neighborhood. I am getting in at the lowest price and the prices will soon go up at the end of the month (so I am told by the listing agent).
I am just not comfortable signing the contract mainly because the contract did not originate from me and there are a couple of things which I do not completely like namely:
1. Not having the right to assign the agreement unless with written consent from the developer/selller.
2. Not having all the contingencies (weasel clauses) I would have otherwise put in if the contract were drawn up by me.
I am about to have my attorney review the contract tomorrow (earliest availability), but the listing agent wants the contract signed and sent back today. Therefore, I would really need someone's input today.
I am planning to purchase the property as a future retirement property and rent it out in the meantime, so therefore don't really have a use for item #1 above. But in case something does come up (i.e. a really good offer), I would like to have that option available.
I do have 15 days to back out of the agreement though.
My questions would be:
1. How would you handle things in the contract you are not comfortable with? My concern is is that I might lose it if I ask for some changes.
2. Are my concerns justified at all?
Thanks in advance for your input.
I would definatly make an offer on your own forms and on your own terms. You need time to do you due dilegence. Don't be pushed over by an agressive agent.
GOOD LUCK
Just spoke to the listing agent again and according to her, the non assignment clause is standard. Is this true?
Also, another clause which I forgot to mention was that I only had 15 days from signing of the contract to get a loan commitment from a lender. If I am unable to get financing, I have to notify the seller within that contingency period otherwise I am bound to the contract whether or not I do get financing. Is this unreasonable? I am not sure the way things get done in FL, but sure enough, NY attorneys I spoke to told me that this should be taken off.
Any opinions?
If I don't have time to check out a deal ,I don't have a deal. Most RipOff or scams are about keeping you off balance. Another good deal is just down the road.When I sign,I KNOW it is what I want
I agree with myfrogger.
If you're not comfortable with some of the current provisions, maybe that's your gut saying "hold on there!"
Thank you so much for all your replies. I really appreciate it as it helps me to keep things in perspective. I am sometimes easilly swayed by salespeople (and my own greed) that I needed an objective opinion.
I would rather be able to sleep at night than to rush into something I have no experience with and with the only person giving me advice was the listing agent.