February 9th, 2011 at 10:25 pm
I attended the Monarch Beach office meeting today and heard an interesting story about one of their deals.? In the RPA, the parties attached the WPA and provided that the seller would pay for section 1 work while the buyer would be responsible for section 2.? When the buyer’s lender asked for and received a copy of the termite report, they required that the buyer complete the section 2 work before close of escrow.? That was the first time I had heard of such a requirement, but was told that it is becoming more common.? As a result, be aware of this issue as we go forward since bank requirements seem to be getting universally more stringent.
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