Saturday, February 5, 2011

less panic on our part, and things settling down

admittedly we panicked with the worst-case-scenario thought of, "what if the tenants don't leave?" 

so, our lawyer called their lawyer, who then called the seller, who wanted the deal to go through, and agreed to tell the tenants about our intentions to buy the house empty.

i wrote some language for our lawyer to insert in the contract to try and help us feel better:

In regards to the tenant: 

"Upon receipt in writing from the buyer's lender of guaranteed mortgage financing , the seller agrees to, in good faith, provide written notification to their second floor tenants of the seller's intention to sell the property, and such written notification shall specify that the tenants have 30 days to vacate the property.  Copies of the written notice shall be given to the buyer.  If, after the 30 days have passed, and the tenants have not vacated the property, the seller will proceed with serving the tenants with eviction papers as per NYC law.  If, after the eviction papers have been filed, and the tenants have been duly served the papers, the tenants remain in the property at the time of closing, the seller will have executed their obligation in good faith, and the continuing eviction proceedings become the buyer's responsibility."

In regards to the closing date: 

we would like it stipulated that closing be "on or before" a specific date.  If that date needs to be May 1st or June 1st, so be it.  We need to 1) be able to lock in a rate as soon as possible after execution of the contract, and 2) feel comfortable that when we set all our moving plans in place, that we can abide by the closing date being on, or before X date.

i think we can get the agreement to the first, but i am not sure about the second item, the closing date being "on or before."  the standard language, "on or about" kinda scares us, because in NYC the about can stretch some thirty days beyond the actual closing date...

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