Reminder to get the closing attorneys working on all lease and financed equipment issues (e.g., solar panels, security systems, tenants, vacationers, documents, liens, payoffs, deposits, access, gas tanks, spa, pool, disclosure, assumption, assignment, removal, equipment) A.S.A.P.
This applies to listing agents and buyer agents.
Immediately upon learning any of these issues may be potentially involved in the real estate transaction, ask questions and recommend in writing that the parties immediately get their attorneys working on these issues. Sometimes, these issues can require extra time and labor so the sooner the attorneys begin, the less chance of a delayed closing.
To help handle issues, the SCR310 with checkboxed due diligence provides flexibility to address these issues.
To help avoid issues, the SCR310 usually requires lawyer modification if a tenant or future tenant/vacationer or leased/financed equipment is involved.
Posted by: Byron King on 01/27/22 (This information is only accurate as of 01/27/22. You must contact SCR for updates and changes to this information after 01/27/22 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.