The latest Legal Q+A to keep you in the know!
QUESTION: I’ve recently had a couple of instances where my listing has gone under contract, there has been a delay in the delivery of the Due Diligence Fee (“DDF”), and the buyer backs out and refuses to pay the DDF. Can I hold on to the signed contract until the DDF is paid to prevent this situation from happening?
QUESTION: I am a listing agent. One of my listings went under contract. After arranging for a home inspection, the buyers submitted a repair request. The parties went back and forth trying to reach an agreement regarding repairs. When an agreement could not be reached, and before the due diligence period expired, the buyers submitted a notice that they were terminating the contract. Following delivery of that notice, the parties continued talking and were able to reach an agreement regarding repairs. The parties now want to move forward with the transaction. Can they reinstate the terminated contract?
QUESTION: A buyer’s agent contacted me today and requested that my seller arrange for the termite inspection to be performed. The buyer is obtaining a VA loan, and the Department of Veteran’s Affairs (“DVA”) has required that a termite inspection be performed at the seller’s expense. Does Form 2A4-T (“FHA/VA Financing Addendum”) require the seller to schedule this inspection and ensure that it is done?
QUESTION: Can I use the REALTOR® logo in my marketing? I would like to create an image for use in my marketing that would include a likeness of myself along with the REALTOR® logo. Would that be okay?
QUESTION: If a contract written using the Offer to Purchase and Contract (Form 2-T) goes more than 14 days past the Settlement Date, but the buyer and seller are both moving forward to closing in good faith, can the initial contract be extended or does a new contract need to be executed?