Every contract includes obscure terms and fine print that can come back to bite you if you don’t read carefully, and your real estate contract is no different! When buying or selling a home, you need to read that paperwork closely to identify turns of phrase that could affect your transaction. In particular, we recommend looking for contingency clauses. The Purpose of Contingency Clauses Contingency clauses act as fail-safes to protect the homebuyer or seller (depending on the type of clause) from getting stuck with a bad deal. Lawyers add these clauses to real estate contracts to establish that the contract is legal and binding — if and only if specific actions are taken or conditions are met. If those steps don’t happen, one of the parties will have a legal basis to back out. KNOW YOUR RISKS WHEN NEGOTIATING Look at the Fine Print of Your Real Estate Contract!
There are several types of contingency clauses, and each one can work for you or against you. However, the most common contingency clauses all favor the buyer. Here are a few you might discover in your contract. 4 Clauses That Favor the Buyer 1. The Appraisal Contingency — This clause lets the buyer back out of the deal if the home is appraised for a value lower than their offer.
2. The Financing Contingency — This clause allows the buyer to leave the deal if they can’t secure a mortgage.
3. The Inspection Contingenc y — Similar to the appraisal contingency, this clause allows the buyer to back out or, in some cases, renegotiate if the home inspection reveals major issues.
4. The Home Sale Contingency — This clause gives the buyer the option to pull out of the deal if they can’t sell their current home during a specific window.
You should look for these contingency clauses in your real estate contract whether you’re a buyer or seller. If you’re buying, you need to know which protections you have, and if you’re selling, you need to know how and when your buyer could leave you high and dry. Sifting through your contract can be challenging, so when in doubt, call your real estate lawyer for help!
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MICHELE’S RECIPE CORNER
has an accurate display. You can also find solar-powered pool skimmers that do an amazing job of keeping the water surface clean. Healthy water is about consistency, so I highly suggest automation products. At the very least, you need a time clock to ensure water is filtering daily. 6. Do pool-cleaning robots actually work? Yes! The robots that drive around on the bottom of pools to vacuum up debris are some of my all-time favorite products. Give me a call if you want a specific brand recommendation. 7. Which YouTube channels and social media accounts give the best pool tips? Social media is great for some really creative tips and unusual pool hacks, but I believe creating a relationship with a professional, local swimming pool company that can provide honest and timely results is the best way to go. Superior Pools is currently in the process of creating specialized content to help pool owners answer questions with some amazing videos. Do you have a question I didn’t answer? Call me at 718-967- 1964, and I’ll give you my advice over the phone for free. Any friend of John’s is a friend of mine!
GRILLED HALIBUT WITH ROASTED RED PEPPER SAUCE
Inspired by FoodAndWine.com
INGREDIENTS
• 1 tsp kosher salt • 1/4 tsp black pepper • 1/2 cup olive oil • 4 6-oz skin-on halibut fillets
• 1 16-oz jar roasted red bell peppers, drained • 5 garlic cloves • 1 tbsp sherry vinegar • 2 tsp honey
DIRECTIONS
1. In a food processor or blender, mix bell peppers, garlic, vinegar, honey, salt, and black pepper until smooth. Transfer sauce to a bowl; whisk in oil. 2. Into a large plastic zipper bag, pour 1 cup of sauce; add halibut fillets and seal bag; turn to coat fillets. Let marinate in refrigerator for 20 minutes. Reserve remaining sauce for serving. 3. Preheat a grill to medium-high (400–450 F). Remove halibut from marinade; scrape off excess. 4. On oiled grill grates, arrange fillets and grill, covered, until fish flakes easily, 4–5 minutes per side. 5. Transfer fillets to serving plates or a large platter. Drizzle with reserved sauce. Serve alongside preferred veggies and crusty bread.
-Frank Cafiso CEO and Founder of Superior Pools
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718-698-2200
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