 | 
09-12-2008, 03:25 PM
| | Junior Member | | Join Date: Sep 2008
Posts: 7
| | | 2 addendum in the P&S agreement
What is the name of your state (only U.S. law)?
MA
Long story short. Buyer is buying a "as-is" foreclosure condo. Seller (bank) has an addendum (as-is addendum) stating some very strict terms. The addendum also states "These provisions shall supersede any other provisions evidencing the agreements of the parties hereto".
Buyer's attorney feels buyer is not protected, so he came up another addendum (rider "A" addendum). The attorney instructed buyer to sign both the as-is addendum and rider "A" addendum, and in the "Cash Count Off" paper add "rider "A" addendum" in the "additional provisions" section, right after the "as-is" addendum requirement.
Seller also signed both addendum.
Question: if there is any arguments down the road, due to the difference on the 2 addendum, who will prevail?
Buyer's attorney thinks rider "A" will prevail because in the "additional provisions" rider "A" is listed after the "as-is" one. Is this assumption correct?
Thanks. |
09-14-2008, 10:25 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by samlooker  What is the name of your state (only U.S. law)?
MA
Long story short. Buyer is buying a "as-is" foreclosure condo. Seller (bank) has an addendum (as-is addendum) stating some very strict terms. The addendum also states "These provisions shall supersede any other provisions evidencing the agreements of the parties hereto".
Buyer's attorney feels buyer is not protected, so he came up another addendum (rider "A" addendum). The attorney instructed buyer to sign both the as-is addendum and rider "A" addendum, and in the "Cash Count Off" paper add "rider "A" addendum" in the "additional provisions" section, right after the "as-is" addendum requirement.
Seller also signed both addendum.
Question: if there is any arguments down the road, due to the difference on the 2 addendum, who will prevail?
Buyer's attorney thinks rider "A" will prevail because in the "additional provisions" rider "A" is listed after the "as-is" one. Is this assumption correct?
Thanks. | **A: is this a homework question? |
09-15-2008, 09:42 AM
| | Junior Member | | Join Date: Sep 2008
Posts: 7
| | Quote:
Originally Posted by HomeGuru **A: is this a homework question? | No. This is a question in real life. |
09-15-2008, 01:24 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by samlooker No. This is a question in real life. | **A: I need to know what party you are: the Buyer or the Seller? |
09-15-2008, 01:43 PM
| | Junior Member | | Join Date: Sep 2008
Posts: 7
| | Quote:
Originally Posted by HomeGuru **A: I need to know what party you are: the Buyer or the Seller? | I am the buyer. Seller is the mighty bank. Thanks in advance for any advice. |
09-16-2008, 12:12 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by samlooker I am the buyer. Seller is the mighty bank. Thanks in advance for any advice. | **A: your attorney is correct. |
09-16-2008, 01:50 PM
| | Junior Member | | Join Date: Sep 2008
Posts: 7
| | Quote:
Originally Posted by HomeGuru **A: your attorney is correct. | Would you care to elaborate? It might be obvious to you, but for people in other fields (like me) the reasoning might be hard to understand.
Thanks. |
09-16-2008, 02:09 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 29,043
| | | Q: Would you care to elaborate?
A: Buyer's attorney thinks rider "A" will prevail because in the "additional provisions" rider "A" is listed after the "as-is" one. Is this assumption correct?
__________________
There are two rules for success:
(1) Never tell everything you know.
|
09-16-2008, 02:56 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by seniorjudge Q: Would you care to elaborate?
A: Buyer's attorney thinks rider "A" will prevail because in the "additional provisions" rider "A" is listed after the "as-is" one. Is this assumption correct? | **A: sounds correct to me. |
09-16-2008, 03:33 PM
| | Junior Member | | Join Date: Sep 2008
Posts: 7
| | Quote:
Originally Posted by seniorjudge Q: Would you care to elaborate?
A: Buyer's attorney thinks rider "A" will prevail because in the "additional provisions" rider "A" is listed after the "as-is" one. Is this assumption correct? | Even the "as-is" addendum states "These provisions shall supersede any other provisions evidencing the agreements of the parties hereto"? Wouldn't it cover all provisions in "rider-A"? |
09-16-2008, 08:19 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by samlooker Even the "as-is" addendum states "These provisions shall supersede any other provisions evidencing the agreements of the parties hereto"? Wouldn't it cover all provisions in "rider-A"? | **A: no, and there is no meeting of the minds. The addendum and rider and whatever else just confuses the issue. | |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes | Rate This Thread |  Linear Mode | | 
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | | |
All times are GMT -5. The time now is 01:26 PM.
