BY: WILL MARTIN, GENERAL COUNSEL

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QUESTION #1 »

Assume seller signs an Offer to Purchase and Contract (form 2-T). At the same time, they tell their listing agent that they want to remain in the property for a period of time after closing. The listing agent calls to tell the buyer agent that the sellers have signed the offer and that he will send the buyer agent a Possession After Closing Agreement for the buyers to sign. When the buyer agent presents the Possession After Closing Agreement to her clients, they refuse to sign it. Is the property under contract?

QUESTION #2 »

Does a Mineral and Oil and Gas Rights Mandatory Disclosure Statement have to be provided on a sale of vacant land?

QUESTION #3 »

Should property owned by a trust be listed and sold in the name of the trust or the trustee of the trust?

QUESTION #4 »

If a buyer wants the seller to agree to make a particular repair to the property before the buyer will agree to buy the property, which form should be used to identify the requested repair, the Additional Provisions Addendum (form 2A11-T) or the Due Diligence Request and Agreement (form 310-T)?

QUESTION #5 »

May a buyer request that language be added to an Offer to Purchase and Contract that would make a FSBO seller responsible for paying my firm’s fee?

QUESTION #6 »

In order to create a real estate team, is there a requirement that the team have its own real estate license?

QUESTION #7 »

Would an investor buyer have the right to show property he has closed on to potential tenants during the time the seller continues to occupy the property under the terms of a Seller Possession after Closing Agreement (form 2A8-T)?

QUESTION #8 »

How does the Offer to Purchase and Contract address the transfer of property subject to a lease?

QUESTION #9 »

May I use a name other than my legal name in the real estate business?

QUESTION #10 »

Is a closing attorney required by law to record the deed before he or she can pay a commission out of his or her trust account to a real estate broker?

DID YOU KNOW?

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