August 2021 - Putnam County Board Of Realtors

IAR says Escalation Clause still a rough spot in closing deals

Calls and emails are still pouring in on the IAR Escalation Clause Addendum. It’s a good thing that the market is still hot, and we love hearing from you, we just want you to be able to serve your clients the best you can. Please take 6 minutes out of your day to watch this video recorded by General Counsel Richelle Mossler back in May. It will explain how to use the escalation clause properly.

Appraisal Gap Best Practices – from IAR

Another sign that the market is hot? Calls and emails on the IAR Appraisal Gap Coverage Provision remain steady. Again, we love hearing from you, we just want you to be able to serve your clients the best you can. So, here’s a quick review: This provision says the buyer agrees to cover the gap if the appraisal comes back lower than the purchase price up to a certain dollar amount. Several issues may arise when this provision is in play. Protect your clients with these best practices drafted by IAR attorneys.