Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago,

User Stats

35
Posts
6
Votes
Chad Huffer
  • Investor
  • Glen Burnie, MD
6
Votes |
35
Posts

Attorney says residential prop sale is a commercial transaction

Chad Huffer
  • Investor
  • Glen Burnie, MD
Posted

So, got a residential seller in Maryland who wanted to have her attorney draft a contract.... I reviewed it and made some modifications to it and emailed it back to the attorney. He responds with this:

"It is my understanding that Ms. Seller has arranged for us to meet on April 1, 2016, Friday, at 4:00 pm. As you prepare for this meeting, please keep in mind that the contemplated transaction is a commercial transaction and your LLC is a residential consumer purchaser. As such, Ms. Selelr does not intend to extend a residential disclaimer or warranty of any kind for this sale. The property is to be sold "AS IS", only."

Now I really don't care about the MD Real Estate Commission Disclosure/Disclaimer statement it was her attorney who put it there in the first place, however, they were cherry picking portions of it to make the contract one sided so I insisted that the whole form be used since accordign to MREC sellers are required to provide one.

But now my question is does anyone know what he is talking about when hey says this is a commercial transaction and my LLC is a residential consumer purchaser?

Loading replies...