News: Front Section
Posted: September 27, 2012
New Home Inspection Contingency Law takes effect on January 1st, 2013
Have you ever had a deal fall apart because the buyer and seller couldn't agree on whether a 20 year-old roof is a materially deficient condition? Have you ever been in the middle of a deposit dispute or lawsuit because of conflicting opinions over the home inspection results? Exactly how many days does a buyer have to complete inspections, wait for results, and negotiate repairs with the seller?
The Rhode Island Association of Realtors Board of Directors voted to filed legislation to address these and other inspection contingency issues in the RIAR Purchase and Sales Agreements. The legislation was approved, and new law will go into effect on January 1st, 2013. The new law will create a due diligence period of 10 business days during which a home buyer could have inspections conducted. The RIAR Forms Committee is rewriting the inspections contingency, and the changes will be available in Transit sometime in October following board approval.
Questions about new law? Contact the RIAR Legal Department at 401-785-3650 ext. 5 or emailmonica@riliving.com. RIAR Legal Counsel Monica Staaf will discuss the new law as part of a legal update at the Rhode to Success program.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Quick Hits
Columns and Thought Leadership
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
