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Home Selling in Dana Point : Real Estate Advice

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Activity 6
Mon Jan 5, 2015
Suzi Dailey answered:
Private transfer fees are fees that are tacked on, for example, by a builder doing a new development to cover various fees that the developer may have incurred to meet, for example, an environmental requirement or some other unusual fee that was required during the construction period. It is paid by the buyer, and attached to the deed of the home, typically for a period of 20 years or so. The PTT can go on for perpetuity, depending on the type of fee that it is.
It is not an optional payment once the first home is sold, and this PTT is attached to the deed. This is typical of newer home developmentsā€¦ not so common with older homes.
This fee can also cover lawsuits, or requirements to keep a certain amount of land open and undeveloped in a community.
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Sun Apr 15, 2012
My NC Homes Team answered:
When a home inspection reveals problems or any type a buyer may request the Seller to repair, replace, or compensate them in some manner. The Seller can agree, negotiatie or simply refuse. At that point the buyer may decide to terminate their contract if this is a provision of the sales contract you've both signed. (It is in every contract I've ever seen, but I will admit it's been decades since I last saw a California contract)

Code issues are typically considered improvements, as building codes change every single year and there's not a home out there that isn't new that is current with all codes. Typically when I as a broker have a seller in your position my response on their behalf is as follows, "This is an improvement , the property met all applicable building codes at the time it was built." In some cases I check with my own inspectors or electricians, contractors etc to confirm when the code the home inspector is referring to came into existence before issuing this response.

Some contracts I've worked with allow the buyer to terminate for any reason or no reason whatsoever during what is typically referred to as a "diligence period" other contracts I've worked with are not so broad in the terms a buyer may terminate for and as long as the home met all applicable codes at the time it was constructed and the systems are "serving the prupose for which they were desgined" a buyer cannot simply terminate a contract. I would advise a conversation with your listing agent and/or an attorney regarding the terms of the contract you signed.

While you listed the house "as-is" did the contract you signed with the buyer have this clause in it? If so I would remind the buyer of this, if not you may point it out but it has no legally binding meaning and should have been written into your contract. If it is in the contract then hopefully there's enough earnest money on deposit that if the buyer does consider terminating the contract they have a to consider losing this money.

You are at a point where you need to decide what it's worth to you to hold this transaction together and try to negotiate with the buyer or take your chances, refuse to do anything, and see what happens, but be prepared to lose this deal and then find another buyer.

Below is a link to an article I posted here on Trulia on my Blog specifically about home inspections, you might find it interesting to read.

I wish you the best of luck and hope you're able to work things out and maintain the transaction.
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Thu May 6, 2010
Karen Parsons Fiddler answered:
Hi David,

Ok....answers. I handle a lot of short sales.....we are all becoming experts.

First...the seller is still the owner and has the right and responsibility to chose an offer they think is solid and send that to the short sale lenders for approval. Their agent includes a HUD1 which outlines all the sellers costs and other costs such as termite, HOA etc. These fees will be taken out of the offer price and the net then goes to the short sale lenders. This is what the short sale lenders approve.

In Orange County, we include a Short Sale Addendum form which states clearly that the acceptance of the offer by seller is contigent upon there being NO out of pocket costs for the seller.

If the short sale lenders do not approve some costs, such as past due HOA, or termite...then these costs can be asked for by the buyer. If they refuse, then the seller can elect to pay them, or cancel the contract based on the contigency, above, which states they will have no out of pocket costs...and then look for a buyer who will pay these costs.

As far as the timeframe , it really just depends on the lenders. I've gotten some approvals in 45 days and some in 4 months. It really depends on the lender more than the agent. As a listing agent, I use an attorney to negotiate my short sales, at no cost to buyer or seller, and have had great success getting it done in a more timely manner.

Hope this helps....

Karen
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0 votes 13 answers Share Flag
Mon Dec 14, 2009
Keith Sorem answered:
John
You have some very good answers here.
I suggest that you have a professional geologist or structural engineer have a look at that crack. It would be more sense for you to deal with the crack and have it repaired (HOA or otherwise) otherwise it will pose problem when you sell. If the HOA is responsible, deal with that now (or simultaneously).

Dana Point has had similar settling problems in order developments.
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Fri Aug 21, 2009
Kyle O'Kelly answered:
Hi Michael, please let me know if you are asking to find a price reduction on a current listing that has happened or will be happening? I have a wonderful single level ocean view home in North San Clemente (93673) that could work for you. ... more
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