OfflineOkay, so I wrote up a contract and now I have questions about it...whether I left something out or put something in I shouldn't have..
1. The seller has POA for the actual owner. He (the person who has POA) just signed his name on the contract. Should he have put his name comma POA for "owner's name"?
2. I did not give the seller a copy of the contract yet. Should I have? If I am going to assign it, why would I give him a copy if so?
3. I don't think I actually used an escape clause unless the earnest money clause (earnest money due at buyers approval of inspection) is the escape clause for the contract. Is it?
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
I already have the answer to #1. #2 and #3 anyone? I think the answer to #3 is that it is an escape clause but not sure if I need another for the whole contract.
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
1. Copy of the Contract to Seller: Yes, the seller should always get a copy of the contract since they are a party to the transaction. You as the buyer and they as the seller had to sign the contract to make it legal, and yes, you should both get a copy.
2. Actually it sounds like your inspection clause is your escape clause, depending on how it is written. Usually you are not bound to continue the purchase if you reject the inspection and terminate the contract under your rights found in this clause.
Thank you. Another question about the signature. Can I just have him correct the signature or should I do another contract. He signed his name, but in order to make it correct, could he just add "POA for his dad" or should it be his dad's name first, then his name, POA.. Personally I don't think it matters, do you? It would just prevent me from having to do another contract.
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
I'm not sure about your state, but if the EMD isn't in by 3 working days after the signed contract, then the contract is null and void. In your case, if it is not in by 3 working days after the inspection it would be null and void; with CA law; but I do not know the laws for SC though.
I'm not sure either, but from everything I've read in here, the clause I used is sufficient so no earnest money would be due until a buyer approved an inspection. Can somebody comment on this for SC??
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.