The increase is necessitated by increased costs and does remain within current market rent." 

Michael,  Do you recall what modifications the landlord would be responsible for? 

You may need to permit some minor modifications to implement the plan they develop, but that takes this out of the inspector's hands a bit and into a reviewer's with the City who also knows the code. 

Are there any modifications to the written lease?

Not only are there no banks or traditional lenders involved, owner financing doesn’t necessitate an inspection or appraisal unless the buyer wants them.Once a buyer and seller agree to terms, monthly payments are made to the owner-seller according to an agreed-upon amortization schedule.

If you were working on a modification or forbearance with the borrower you can structure it in several different ways.

Lastly, have you ever seen an offer contingency that a C.O. must be issued without making major modifications to property, or is this unworkable since the property must actually change hands before C.O. is issued? 

Both the buyer and seller signed this and there was no modification to the offer price on the PSA.The seller now wants to amend the price to $131k and my broker doesn’t know what to do.Is $120k or $131k legally binding?

Both the buyer and seller signed this and there was no modification to the offer price on the PSA.The seller now wants to amend the price to $131k and my broker doesn’t know what to do.Is $120k or $131k legally binding?

If zoning allows 3 families the building department may be able to tell you what modifications it needs to be legal.