I received an offer to buy a 5-unit multi-family dwelling in the state of Washington, owned by my family trust (I am the trustee).
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I received an offer to buy a 5-unit multi-family dwelling in the state of Washington, owned by my family trust (I am the trustee).
I'm the seller. The offer expires in 4 days. I need review of the proposed contract and guidance on a counteroffer, as well as red flags and anything else to consider.
Hello! My name is Dolan and thank you so much for contacting me! I just had a few quick questions for you: Are there specific terms that concern or confuse you about the agreement? Also, we definitely do contract reviews. Because you are a member of the expert legal chat, you get 10% off. How many pages is the document?
Both documents are uploaded in my Documents section (let me know if I need to put them somewhere else). The seller's proposal is 22 pages, and the counteroffer addendum I drafted is just over 2 pages. I'm not familiar enough with these documents or the Spokane commercial market to know what terms are typical and where I should probably push back in my counteroffer.
Could you look at the docs and let me know if my counteroffer makes sense, as well as anything in either document that could be problematic?
Ok got it! If I can clarify, what's leading you to demand a higher purchase price and EMD? Have you seen comparables? Have you also hired a real estate agent yet?
Something I saw led me to believe the $[REDACTED]k earnest money was unusually low for a deal like this. If you think it’s appropriate, I could stick with the $[REDACTED]k. Asking for higher purchase: this is because the original asking price was around $[REDACTED], so it’s a way of trying to meet in the middle. Also puts something on the table I could be flexible on if the buyer wants concessions in return for the other pieces of my counteroffer. What do you think? Other suggestions?
Oh, and as to agent, I don’t have one. In this case I was hoping to run it myself, with counsel.
You got it - let me send you an offer for this!
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