Ken Tableman Law Blog
Buying or Selling Real Estate: Consider Interim Obligations
Sometimes in a real estate transaction, there will be interim obligatons spelled out in the purchase agreement. A common one is making repairs. If there is an agreement to make repairs the agreement should spell out the time to complete the repair and the standard for completing it. The agreement should also say who will determine if the repair is properly completed.
Other typical interim obligations include preparing the closing documents, providing evidence of the title to the property, and arranging financing.