ainertinel.gq

In Rhode Island most buy and sell agreements (purchase and sales agreements) for single-family homes are on a form prepared by the Rhode Island Association of Realtors. The Purchase and Sales Agreement is a very important legal document that typically sets forth the sales price, time, date and place of the residential real estate closing, contingencies based on financing, as well as many other provisions.

You may attempt to negotiate modifications to this agreement and are not obligated to sign the standard form. Prior to signing the Purchase and Sales Agreement, the buyer should contact a Rhode Island lawyer / attorney who specializes in real estate law, residential real estate closings and title law.

This agreement was drafted with the intent to be fair to both buyers and sellers of residential real estate; however, the buyer should not sign this agreement without paying careful attention to all of the provisions including the following provisions:

1. The agreement provides for a certain number of days within which buyer must apply for his/her mortgage. Pursuant to the terms of the standard Rhode Island Purchase and Sales Agreement, if the buyer fails to apply for the mortgage, his deposit will be forfeited. Please make certain that you allow enough days for this application to be made.

2. The agreement provides that if the buyer applies for a mortgage greater than the amount set forth in the Purchase and Sales Agreement, buyer will have no right to obtain a return of his deposit if his mortgage application is denied. Buyer should be certain that the amount filled in for his proposed mortgage is in fact the highest amount that he intends to apply for.

3. The agreement provides that the buyer must accept the property with any easements or restrictions of record that impact the property. The buyer should read the Rhode Island Real Estate Sales Disclosure Form prior to signing the Purchase and Sales Agreement. Rhode Island Law requires that the seller of residential real estate in RI notify the buyer of any restrictions or easements. Buyer should check the disclosure form and if the seller indicates that there are restrictions or easements, buyer should read them prior to signing the Purchase and Sales Agreement. If the buyer does not understand the legal implications of the restriction or easement, then they should contact their real estate attorney.

4. Buyer’s right to a return of their deposit in the event they are not satisfied with house inspections, such as physical/mechanical, pest infestation and septic system, depends on the inspector finding a substantial / materially deficient condition which has not been disclosed to the buyer prior to the execution of the Purchase and Sales Agreement. This means that the buyer should carefully read the Real Estate Disclosure supplied by the seller prior to signing the Purchase and Sales Agreement to make certain that seller has not disclosed existing deficient conditions on the property in this form. If deficient conditions have been disclosed, the Purchase and Sales Agreement should be amended to indicate that buyer may terminate the agreement based upon these deficient conditions

Matthew Slepkow is a Rhode Island attorney who concentrates in Real Estate law including residential and commercial closings and title law. Mathew is a Partner at Slepkow Slepkow & Associates, Inc. which is one of the largest residential real estate and title law firms in the State of Rhode Island and has performed over 40,000 real estate closings.

Matthew also has substantial experience in Probate Law, Wills, Trusts, Estate Planning, Elder Law, Business / Corporate law and the general practice of law. Mathew is a Professor at Roger Williams Law School teaching Real Estate Transactions. Matthew has a particular expertise in legal issues concerning the Elderly and Senior Citizens in Rhode Island (RI). Particularly, Matt is experienced and is knowledgeable in helping the elderly with Estate Planning and helping them protect their home from nursing home liens.

When it comes to managing commercial property today, there is a huge difference in the services and skills of the property managers available. Unfortunately many landlords choose property managers based on fee. Given the high value of commercial and retail property, this can be a very bad move and degrade the performance of the property over the long term.

Low fees typically mean poor management processes, lower net income, and higher vacancy factors. You get what you pay for today in management services.

Commercial Real Estate Agents that provide low fee alternatives to attract new management appointments usually do one or more of the following to compensate for the low fee:

Employ inexperienced staff to manage property that deserves better
Employ junior staff to do the job that should be done by more experience people
The agency principal has little if any idea about commercial and retail property management systems
Have not employed specialized people to take on facilities and maintenance issues
Load the property managers with far too many properties and tenants for the job to be done correctly
Do not give true and accurate service at month end, hence providing unchecked or inaccurate income, expenditure, lease, maintenance, and budget reports.
Have accounting and lease management systems that are not optimized for the special property type.
Have little in the way of emergency response systems for maintenance failure out of hours
Have little or no professional plan to optimize lease occupancy and lower the vacancy threat for the landlords that they act for
When it comes to choosing a commercial or retail property manager, the landlord should give due regard to the following:

The experience of the individual property manager with the property type concerned. Meet with the potential property manager to ascertain what experience they have with the property type.

The financial control systems of the property management office in handling income, expenditure, tenant leases, and rental negotiations. There are many computer based systems for this. Importantly the system has to match the needs of the landlord.

The knowledge and experience that the office has of the managed property type will be critical. Does the office have leasing support teams to back up the managements with a dedicated leasing service?

The history of the office and its management staff in providing proactive strategies and solutions to complex lease challenges and vacancy factors should be explored.

Experience in optimising tenant mix matters and choices should not be forgotten. The income of a property has to be protected and set to the plans of the landlord.
Managing commercial property is not an experiment. Landlords deserve the best managers providing the best service; on that basis a fair and reasonable management fee should be paid.

The best time to pick up new managements and landlords is at the time of property purchase. A proactive Commercial Property Agent can do this easily and grow the income opportunity from new managements over time.