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Hello Paul, I am studying for the NY Broker's exam, which of the videos that you create should I focus on. I must stay , your videos have helped me a lot Thank you.
No it doesn't but there are times when it's necessary. For example, you're purchasing a large parcel of land... you want to know exactly where the bourdries are for fencing, etc. If you're not sure who's side of the property line the well and septic is on or who's retaing wall is it. I personally never purchase a home without using a survey contingency. I want to know exactly where the boudry lines are and I can tell you about 90% of the time the line everyone thought was the boundry line was incorrect. Who pays? Typically its a buyer cost however you can negotiate that in the purchase contract. If nothing is negotiated with the seller then the buyer will pay. Thank you for the question!
It all depends on the language included in the purchase agreement. Most purchase contracts I've read include language that requires the seller to pay for the treatment. But, absent any language, it's open for negotiation
Thank you so much for your response. I enjoy your videos and how the examples of each video is well expalined and easy to understand. Keep up the good work :)
Certainly, there are specific contingencies for those types of real estate estate transactions as well. Unfortunately there aren't many questions regarding those on the exam :o(
@@TheRealEstateClassroom Sorry, I've been watching too many of your videos today, lol. The term I wanted to use is "Tie-in". You reference this in your "Sherman Anti-Trust" that an agreement to sell a product or provide a service only on the condition that the customer purchases an additional product is a violation. So is the example for the buyer wanting to buy the engine as well valid because it is not an institution demanding the purchase?
@@domthemom2270 Ok... great question. No, because the engine was simply personal property included in the purchase offer. Here is an example of a "Tie-In" arrangement. Im the listing agent and the seller is going to use me to both sell their house AND find them a house to purchase. I normally charge 7% as a listing commission. But, I agree to only charge them 5% listing commission with the guarantee that they will use me as their agent for their purchase. If they use someone else on the purchase side, then the commission would be 7%. That's a classic example of a tie-in arrangement...
It really depends on local and state customs/laws. Most of the time they are put into the original contract. However, they can be put into a solo addendum or amendment
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I'm 17 and studying to get into real estate and these videos are SO HELPFUL thank you so much for your time!!
Hi K B... I love it! The earlier you get started in this business the better! Good for you.... Keep studying!
As a Former Licensed Real Estate Agent with the State of NJ, this is a very informative video.
Gracias! 😀
Hello Paul, I am studying for the NY Broker's exam, which of the videos that you create should I focus on. I must stay , your videos have helped me a lot Thank you.
Hi Joanne! Thanks for leaving a comment... keep studying... you're almost a broker :o) You will do awesome!
Hello , Is the survey a contingency that comes up often in real estate? Also, who would pay to get the Survey done?
No it doesn't but there are times when it's necessary. For example, you're purchasing a large parcel of land... you want to know exactly where the bourdries are for fencing, etc. If you're not sure who's side of the property line the well and septic is on or who's retaing wall is it. I personally never purchase a home without using a survey contingency. I want to know exactly where the boudry lines are and I can tell you about 90% of the time the line everyone thought was the boundry line was incorrect. Who pays? Typically its a buyer cost however you can negotiate that in the purchase contract. If nothing is negotiated with the seller then the buyer will pay. Thank you for the question!
Hi Paul if a buyer does a temite inspection, and termites is found who should pay for? Seller or Buyer. Thank you
It all depends on the language included in the purchase agreement. Most purchase contracts I've read include language that requires the seller to pay for the treatment. But, absent any language, it's open for negotiation
Thank you so much for your response. I enjoy your videos and how the examples of each video is well expalined and easy to understand. Keep up the good work :)
@Joanne Santos I sure will, Thanks Joanne!😀
What about contingencies for commercial and agriculture real estate?
Certainly, there are specific contingencies for those types of real estate estate transactions as well. Unfortunately there aren't many questions regarding those on the exam :o(
Would the contingency of selling the house and engine not be considered an "Add-on"' service? I guess what would make this scenario different?
Clarify... I am not sure I understand what you mean by "add on" service"? :o)
@@TheRealEstateClassroom Sorry, I've been watching too many of your videos today, lol. The term I wanted to use is "Tie-in". You reference this in your "Sherman Anti-Trust" that an agreement to sell a product or provide a service only on the condition that the customer purchases an additional product is a violation. So is the example for the buyer wanting to buy the engine as well valid because it is not an institution demanding the purchase?
@@domthemom2270 Ok... great question. No, because the engine was simply personal property included in the purchase offer. Here is an example of a "Tie-In" arrangement. Im the listing agent and the seller is going to use me to both sell their house AND find them a house to purchase. I normally charge 7% as a listing commission. But, I agree to only charge them 5% listing commission with the guarantee that they will use me as their agent for their purchase. If they use someone else on the purchase side, then the commission would be 7%. That's a classic example of a tie-in arrangement...
What section of the contract would you write the contingency or is it a separate contract?
It really depends on local and state customs/laws. Most of the time they are put into the original contract. However, they can be put into a solo addendum or amendment
Lol at the tongue twister😂😂😂
😁
If you do 1to 2, 2 to 3, imperative to do contengencies 😂
Amazing how many agents don't understand what contingencies are for. SMH