Sale Agreement: Seller Representations, FIRPTA, Townhomes

June 11, 2020 @ 10:00 am – 11:00 am
Online Class
Carolyn Connall

Have some contact with humans outside your home and learn from the company president, Mickey Lindsay!

  • An out of state buyer closes on a property and moves in. Very soon they discover some serious property condition problems. They start separate lawsuits against their inspector for incompetence and the seller for non-disclosure. The seller says they didn’t know about the problems so they couldn’t disclose them. The buyer responds that the seller either knew or should have known because the problems were so apparent—all you had to do was look at the water damage in the attic, or try to use the tub in the master bathroom or toilet in the guest bathroom. Is the seller’s defense that they didn’t know sufficient?
  • True or False: FIRPTA is a law that applies to foreign buyers of real estate.
  • True or False: The test of whether FIRPTA applies or not is citizenship.
  • True or False: Your client can refuse to fill out the certification of non-foreign status.
  • What do you say to a seller client who wants to counter the buyer with language that says the buyer is purchasing the property “AS-IS, seller to do no repairs”?
  • When you represent the buyer, the Sale Agreement tells you to include a form 024 Addendum with your offer if the property has an HOA—but what do you also need to remember to give your buyer client if the property is a townhome?