All Forum Posts by: Account Closed

@Ken Jernigan We don't know, we just know he wants to close ASAP. Haven't verified if he has funding to complete, will look into that.

@Russell Brazil Very good point sir, thank you.

Apologies for the incessant questions but I have another with respect to the deal I'm involved in (fitness center here in California).

The property in question isn't set to be completed until April of next year but the seller wants to close ASAP. We won't get a Certificate of Occupancy until construction is complete which is several months after close of escrow.

PSA states that the seller will guarantee delivery of Certificate of Deposit once construction is complete even though the terms of the LOI stated we would receive the Certificate prior to close.

Question is, is it safe to assume the seller will deliver the Certificate or are there possible/potential complications that can arise that would prohibit them from doing so? Is a "guarantee" in a PSA safe?

@Patrick Soukup That was an excellent reply and a great perspective, thank you.

@Al Pat Some of the repairs/requests are definitely warranted as I received the property in an "as is" condition so it needed some work and there are some things I overlooked. For example, a log burner in the fireplace (never had a single tenant use the fireplace so this is a new one). 

Some repairs are very small however, such as a cap for a sprinkler, the garage door clicker needing to be reset, etc. 

Thanks for all the advice everyone! 

@Alvin Sylvain It is a SFH, I definitely need to update the lease to reflect the $100 repair stipulation.

I have a tenant who contacts me weekly for repairs. Some are legitimate and require a specialist, while others are trivial, such as replacing a sprinkler, and it's getting very tedious.

Which repairs can I reasonably expect or even ask a tenant to repair on their own? My instincts tell me none, but something as simple as buying a new sprinkler from Home Depot and screwing it on isn't hard to do. Thoughts? 

Thank you for all the replies! 

That explains everything then haha. Clearly I've got my facts wrong in this situation and now know how to proceed in future transactions and this one as well. Thank you again!

LOI we were provided by the agent and PSA by the seller but have been modifying them as to what we want included in the terms and then presenting them back to the seller.

But assistance from the agent has been nonexistent other than him wanting us to sign things as they are.

@Logan Freeman I have met the agent, not the developer/seller though. Will get on it ASAP and see if agent will arrange a meeting face to face.