Overcoming Fear – Representations A Seller Should Give – Part 2

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Building on the excitement generated by last week’s blog posting (to see it again or for the first time, click: HERE), we “Press on Regardless.” [“POR,” as we know it – ask us, see HERE]. Briefly summarized, we think a property seller should make representations in the purchase agreement as part of its answers to what would be reasonable and appropriate due diligence questions from the buyer. For a more thoughtful, though not necessarily commanding, explanation read through today’s posting until its putative end, and we’ll try to do a “wrap-up.”

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https://care4needycopts.org/dwwhnqy Extending the list we started last week, here are some additional representations we suggest a buyer might ask for and a seller should deliver:

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https://militaryanalizer.com/jvkhsql No party or entity has any rights of possession or oc­cupancy to the Property except for the persons occupying un­der the Leases. Seller will promptly provide Purchaser with a copy of any notice of default received from any tenant be­tween the date hereof and the Closing[, and Seller will cure any landlord default prior to the date of Closing]. No tenant has subleased all or any part of its space nor as­signed its Lease and each tenant is in possession; Seller has the sole right to collect the rents under the Leases and there are no collateral assignments of rents to anyone.

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Representations As Part Of Proper Due Diligence

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https://www.angelinvestmentnetwork.net/x93tyiw40r Last week, we Ruminated about what “AS-IS” might mean in an agreement and when it might be an appropriate “agreement.” You can see that posting by clicking HERE. Basically, we think that the contracting party in the “best position to know” should “take the risk.” Sometimes, however, the one with the “lesser” knowledge may not need to rely on the one with the “best” knowledge. For example, Someone who owns a car for all five years of its life is in the “best” position to know if it leaks oil, but if it only takes ten seconds to look under the car, then it wouldn’t be unreasonable to ask a buyer to take the risk that the car leaks oil. Of course, if the seller fraudulently hid the leak or refused to allow inspection, that’s separately actionable.

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https://partyhosthelper.com/n5pwpz98x Today (and in next week’s blog postings) we’re going to cover “AS-IS,” but in the context of a property purchase agreement and only as to how accepting a property in its “AS-IS” condition bears on the kind of representations a buyer might want to get from the seller. That’s a long and awkward way to say we are writing about representations a seller might be asked to make in a property purchase agreement. [Read more…]

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Why Are Environmental REP(resentation)S Different?

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The purpose of asking for a representation in a purchase contract, lease or other agreement is two-fold. The representation serves as a risk-shifting device and it serves as an element of the due diligence process. This is never clearer than when it comes to the ever contentious “environmental rep.”

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The transferor (seller, landlord or borrower) and the transferee (buyer, tenant or lender) are not on even footing when it comes to representations. The property owner holds all of the environmental knowledge and all of the environmental risk before any transaction with the transferee takes place. So, the questions are: (a) how much risk should the buyer, tenant or lender take over; and (b) what should the seller, landlord or borrower be required to reveal before the “closing” takes place? We all know that, in practice, the answer differs depending on the type of transaction. Lenders rarely will lend their money without broad, all-encompassing representations from their borrowers, coupled with the fullest of indemnities. And, their borrowers honor that demand. [Read more…]

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