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Tractor Talk Discussion Forum

O/T Real Estate terminology

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frankiee

04-19-2007 17:30:52




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Schedule 'A', 72hr irrevocable.
Thinking of buying a house.
Bank is holding it right now.
Thinking of throwing in a bid.
Can someone tell me what that terminology means??
Thanks




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frankiee

04-20-2007 13:21:04




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 Re: O/T Real Estate terminology in reply to frankiee, 04-19-2007 17:30:52  
I am waiting and watching with caution on the whole deal.
Thank you every one.



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John T Country Lawyer

04-20-2007 10:08:31




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 Re: O/T Real Estate terminology in reply to frankiee, 04-19-2007 17:30:52  
It sounds to me it means just what it says?? Until 72 hours has passed you can back out buttttt tt after then its IRREVOCABLE i.e. youre bound by the terms of the contract. Among the many general rules of contracts are the Parol Evidence Rule and how a written contract will be considered by looking within the "Four Corners" of the document, so you may well be stuck with what you sign remember..... .....

I always advise my clients to make any offer SUBJECT TO obtaining financing and inspections etc among other things which provides some wiggle room at least.

John T Country Lawyer in Indiana

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frankiee

04-20-2007 13:17:45




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 Re: O/T Real Estate terminology in reply to John T Country Lawyer, 04-20-2007 10:08:31  
I THANK YOU VERY MUCH
I can hear from you that it is all in the language.

"Subject to"
"Wiggle room"

Got it



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T_Bone

04-19-2007 19:40:32




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 Re: O/T Real Estate terminology in reply to frankiee, 04-19-2007 17:30:52  
Hi Frankiee,

Meaning after 72hrs then you have to preform to the conditions as stated.

Like Dave said, ask then get that in writing if it's still not clear.

T_Bone



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dave guest

04-19-2007 18:55:11




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 Re: O/T Real Estate terminology in reply to frankiee, 04-19-2007 17:30:52  
Ask the bank for clarification. All real estate is simple. Only the terminology is complex. Tell them your an illegal alien and the president said to assist you. I was in real estate as investment and many times I had to ask for expanation and many times they told me I could not do what I wanted and eventually they came across. Years ago said I could not purchase property on land contract with 0% interest. Did it. Said I could not sell house on l.c. that was not paid for. Did that too. Keep trying and don't take no for an answer. If you have problem with title company, go to another company, etc. Same for mortgage, insurance, whatever.

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dave guest

04-19-2007 18:54:39




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 Re: O/T Real Estate terminology in reply to frankiee, 04-19-2007 17:30:52  
Ask the bank for clarification. All real estate is simple. Only the terminology is complex. Tell them your an illegal alien and the president said to assist you. I was in real estate as investment and many times I had to ask for expanation and many times they told me I could not do what I wanted and eventually they came across. Years ago said I could not purchase property on land contract with 0% interest. Did it. Said I could not sell house on l.c. that was not paid for. Did that too. Keep trying and don't take no for an answer. If you have problem with title company, go to another company, etc. Same for mortgage, insurance, whatever.

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