News
ADDENDUMS
Each year contracts fall apart because either a listing agent or a selling agent failed to keep a contract in full force and effect by failing to get an appropriate addendum signed. There are a number of situations where a timely addendum can make the difference between a transaction going to settlement or falling apart. Let’s look at some examples:
Mortgage Commitment – A mortgage commitment is due by a certain date. You call the mortgage company and they assure you the commitment will be in your hands by the due date. So you tend to forget about it until the listing agent calls a day or so after the commitment date and asks, “where’s the commitment?” You have just put your buyer at risk because in Sussex County our contracts have a Time-Is-Of-The-Essence clause which means all dates MUST be met unless a written addendum has been signed by all parties.
Home Inspection Dates – As a result of a home inspection being done, both buyer and seller have options open to them, and dates are attached to each one of these options. For instance, a home inspection might state that a buyer must notify the seller within 3 days of the home inspection what repairs he wants to the seller to make. A seller may take a position that if he doesn’t receive this request for repairs or an addendum extending the date for the request for repairs that he is no longer responsible for making said repairs.
Review of HOA or Condominium Documents – When a contract is contingent upon review of HOA or Condo documents within a specified date, or contains a DUCIOA Addendum, it would be wise to prepare an addendum in which the buyer acknowledges that he has received and read the documents, that he approves of same, and that he removes that contingency from the contract. If a DUCIOA Addendum is part of your contract, then the buyer should sign the Resale Certificate to indicate acceptance of all the documents within the required time.
Settlement Date – You may have an occasion where the buyer finds it impossible to get to settlement as per the contract date. Prepare an addendum asking for an extension of time for settlement.
Other Addendums
- Possession Before Settlement
- Possession After Settlement
- 1031 Exchange
- Rezoning
- Special Financing
- Clauses of the original contract that need to be changed
- Must Sell
- Property Must Appraise
The most important thing to remember on addendums is to get them signed in a timely manner. Mark your calendar a couple of days in advance of the required date; don’t wait until the actual date something is due to get an addendum signed. Failure to adhere to the dates specified in a contract puts your client at risk. Doing a good job and paying attention to our ratified contract will get us all to the settlement table. And that’s the ultimate goal!
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Continue ReadingExperience an exciting sushi adventure as you immerse yourself in the art of sushi making at Misaki Sushi in Bethany Beach! Learn how to prepare sushi rice, select fresh ingredients, and how to roll and plate your rolls! Sit down and enjoy your handmade creations while enjoying a small cup of sake.
INCLUDES:
• All ingredients to make one specialty maki roll and one inside-out uramaki roll
• Small cup of sake
• Bamboo rolling mat to take home
Alcoholic and non-alcoholic beverages available at discounted price for class members.
This event is for SCAOR members only, though feel free to bring a friend who is also a SCAOR member.
There is no fee for this special event (a $65 value), though space is limited to 40 attendees so register now to reserve your spot!
Continue ReadingIn the last couple of decades, Sussex County has seen a population explosion unlike any in its history. There are many reasons for this, among the most popular being our proximity to the Atlantic Ocean and the low tax rates enjoyed throughout the county.
It’s primarily these two reasons that are bringing new residents by the thousands to southern Delaware, which is obviously good for those of us in real estate. A dose of reality is also needed – there’s a noticeable shortage of high paying jobs in the region, which has led to our changing demographics as much, if not more, than anything else.
The largest demographic surge in southern Delaware over the last 10 to 15 years has been the influx of retirees, men and women who have learned that their retirement dollars can go much further in southern Delaware than in any of the surrounding states.
Due to this surge of older residents, there has been a noticeably sharp increase in recent years in the number of residential communities catering to the 55 and over crowd, people who have retired and no longer need to work.
There are many REALTORS® in southern Delaware now who cater almost exclusively to this growing demographic. And with the number of senior housing communities in the region, many with impressive lists of amenities, it’s no wonder why.
At these 55 and over communities throughout the region, seniors from northern Delaware, as well as surrounding states, are eating fine meals, enjoying rounds of golf on signature courses and even playing hours of pickleball with friends.
Of course, the First State has long been known for its business friendly tax environment and its lack of a state sales tax, but there are many other financial benefits to living out your golden years in Sussex County.
New residents purchasing retirement real estate in Sussex County enjoy many tax advantages, for example, beyond simply not having to pay a state sales tax.
Some of the other tax benefits to retiring in southern Delaware include:
- No inheritance tax for most residents
- No personal property taxes
- Low property taxes
Add all of these benefits together and it’s no wonder why Delaware has become one of the East Coast’s most popular retirement destinations, and will likely continue to be for some time to come.
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