Personal Property Snafus

Have you ever been in a situation where you are sitting at the closing table and the Seller says, after reading the Bill of Sale, “how can I convey rods and draperies that I never had” or “I took the refrigerator”?  You then quickly scramble to review the FARBAR Residential Contract for Sale and Purchase to discover that the form language in Paragraph 1(d) was never modified.  The Seller then looks to you to figure out a solution to the problem.

More often than not the Seller either puts you in a position to provide a replacement to the Buyer or pay an amount equal to the cost of the missing item.  Unfortunately we have seen this occur too many times.  Prior to your Seller executing the Purchase Agreement, we urge you to take the time to go through paragraph 1(d) with your Seller and either (a) strike (and initial) the personal property that is not included; or (b) add the personal property that is excluded in paragraph 1(e).  Doing this will most certainly avoid future confusion and hopefully eliminate the need to come out of pocket at the closing table for an issue that is clearly not your mistake.  Should you have any questions regarding the foregoing, please consult with your real estate attorney.

Sincerely,

Berlin Patten Ebling, PLLC

This communication is not intended to establish an attorney client relationship, and to the extent anything contained herein could be construed as legal advice or guidance, you are strongly encouraged to consult with your own attorney before relying upon any information contained herein.

All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

www.berlinpatten.com 

SARASOTA

1819 Main Street, Suite 1000, Sarasota, FL 34236   P (941) 954-9991  F (941) 954-9992

VENICE

247 South Tamiami Trail, Suite 201, Venice, FL 34285  P (941) 955-9991  F (941) 484.9992

LAKEWOOD RANCH

8130 Main Street, Suite 206, Lakewood Ranch, FL 34202   P (941) 907-9022  F (941) 907-9024

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