Wednesday, August 10, 2022
Tuesdays at Main Beach LIVE! 6pm "Click Here"
Subscribe to Guide
No Result
View All Result
Hamptons.com
  • Live Cameras
    • All Live Cameras
    • Live! Weather Cams
    • 39A Corner
    • Main Beach
    • South Ferry
    • Coopers Beach
    • Southampton Village (South)
    • Southampton Village (North)
    • Southampton Village (Hildreths)
    • Downtown Circle Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach
    • Ponquogue Beach
    • Ponquogue Bridge
    • Shinnecock Fishing Dock
    • Village Main Street
    • Downtown Sag Harbor
    • Windmill Beach Sag Harbor
    • Foster Memorial Beach
    • Conscience Point Marina
  • Public WiFi
  • Happening
    • Arts
    • Community
    • Dining
    • Entertainment
    • Kids
    • Recreation
    • Real Estate
    • Events Calendar
    • Post an Event
    • Gallery
    • Spotlight
  • Real Estate
    • Open Houses
    • Search Sales
    • Search Rentals
    • Recorded Sales
    • Title Insurance
  • Live Cameras
    • All Live Cameras
    • Live! Weather Cams
    • 39A Corner
    • Main Beach
    • South Ferry
    • Coopers Beach
    • Southampton Village (South)
    • Southampton Village (North)
    • Southampton Village (Hildreths)
    • Downtown Circle Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach
    • Ponquogue Beach
    • Ponquogue Bridge
    • Shinnecock Fishing Dock
    • Village Main Street
    • Downtown Sag Harbor
    • Windmill Beach Sag Harbor
    • Foster Memorial Beach
    • Conscience Point Marina
  • Public WiFi
  • Happening
    • Arts
    • Community
    • Dining
    • Entertainment
    • Kids
    • Recreation
    • Real Estate
    • Events Calendar
    • Post an Event
    • Gallery
    • Spotlight
  • Real Estate
    • Open Houses
    • Search Sales
    • Search Rentals
    • Recorded Sales
    • Title Insurance
No Result
View All Result
Hamptons.com

Finding The Able Buyer: Hamptons Real Estate Brokers Avoid Sales Disasters

John A. Viteritti by John A. Viteritti
November 4, 2013
in Real Estate
Home Real Estate

When it comes to the multi-million dollar homes in the Hamptons real estate market, issues not addressed at the proper time and in the proper manner may prove problematic in selling and buying a home. One such issue has to do with property transfers. Typically, when the real estate broker is representing the seller, the broker establishes at the listing appointment the terms the buyer must satisfy to meet the definition of “ready, willing, and able buyer.” The broker should also establish the seller’s obligations to the buyer.

Previous articles have covered the subjects of mortgage contingencies, certificates of occupancy, etc. One that is no less critical is when the purchaser will be able to pay the sum of money due at closing and when the seller will be prepared to surrender occupancy. A full-price offer, contingent upon the sale of the buyer’s existing property, may not be as desirable as a lower price offer where the ability of the buyer to close is not contingent on the sale of their existing property. Conversely, a seller whose ability to surrender occupancy is contingent upon finding a replacement property may not be an attractive prospect to a purchaser.

This issue will be incorporated in the contract, but the broker addresses it before the attorneys become involved and the contract is prepared. Failure to address this critical issue could prevent the transaction from moving forward. The language of the contract should only formalize what the parties to the contract understood and agreed to at the time of offer and acceptance.

Ordinarily, the contract will specify where and when the closing, or transfer of title, will take place. For instance, the closing would take place at the seller’s attorney office on or about a particular date. The phrase “on or about” implies that if, for “good cause,” either party were not able to close on that date, the other party would agree to close on another date without considering the party requesting the postponement to be in breach of contract. This is the preferred arrangement if it is not essential that either party must close on a specific date. For example, the seller has to close on a property he is purchasing with the proceeds of the sale of his existing home the very next day. Or, if the buyer has to vacate their existing property on a certain date and would have nowhere else to go. Under these circumstances, the contract may read, “time is of the essence.” This means that if either party were not able to close on that date, the other party could hold that party in breach of contract subject to all of the consequences as stated in the contract for breach.

Obviously, this is not a situation either party would want to confront. Whether the situation can be resolved will often depend on the circumstances and the willingness of the parties involved. What is clear, the broker plays a vital role in preventing this situation from developing if these issues are clarified before bring the seller and buyer together.

Previous Post

O’Neills For Italian food? In Sicily?

Next Post

Tilda Swinton Honored During The Museum of Modern Art Gala

John A. Viteritti

John A. Viteritti

John is a St. John's University graduate, licensed Real Estate Broker, DOS Certified Instructor, and real estate consultant. He previously taught at NYU, LIU, and The Cook Maran Real Estate School, which he helped found.

Next Post
Tilda Swinton Honored During The Museum of Modern Art Gala

Tilda Swinton Honored During The Museum of Modern Art Gala

ADVERTISE

SEARCH ARTICLES

No Result
View All Result

Categories

  • Arts (2,180)
  • Community (1,935)
  • Dining (815)
  • Entertainment (986)
  • Featured (307)
  • Gallery (2,154)
  • Kids (52)
  • Real Estate (652)
  • Recreation (1,605)
  • Spotlight (38)
  • Traffic in the Hamptons is Time Sensitive

Traffic in the Hamptons is time sensitive. Going east from 6 a.m. to 10:30 a.m. and west from 4 p.m. until 8:30 p.m. has become quite an ordeal. The initial expansion of “Highway 39” back around 2006-2007, in which the two-lane road was expanded to four and in some places six lanes, no longer is alleviating the traffic flow.

Read the full article at Hamptons.com (Link in Bio) #traffic #hamptons
  • Sixty/Something: Solid Gold Rent

My first full-time year in the Hamptons started as a weekend and lasted a decade. I paid rent to a host of folks thinking I’d be moving back to NYC. Somehow the east end helped me transition to a very happily remarried east end guy.

This tale all started with me, a divorced dad having a fateful ride to Joe Shaw’s home as a favor to pick up a deposit on his sailboat. That day ended with me buying his sailboat. It was an on the spot spur of the moment epiphany moment. I knew nothing about sailboats or east end bays.

Read the full article at Hamptons.com (Link in Bio) #hamptons #community
  • Bideawee Animal Rescue: “Stay Awhile”

It’s been more than two years since the start of the pandemic where there was a significant increase in animal adoptions, known as the “pandemic puppy craze.” Now, animal shelters across the country have been experiencing a lull in adoptions.

Bideawee is one of the country’s oldest and most respected animal welfare and pet adoption organizations. They have locations in New York City, Wantagh, and Westhampton, and they are encouraging the community to consider bringing a deserving and lovable pet into their home. @bideawee

Read the full article at Hamptons.com (link in Bio) #bideawee #adoption #animaladoption #adoptdontshop #community
  • A Perfect Blend of Classic Southampton History and Luxurious Modern Design

A very rare find in the heart of Southampton Village this stylish gated farmhouse built in 1800 is a seamless synthesis of historic features and 21st century finishes, furnishings and amenities. Transformed by Bremer Designs, its owner, with a complete renovation, the home has true character. Wide plank pine floors and original fireplaces speak to the home’s history, while central air, updated electric and many other upgrades provide up to the minute amenities all expressed with the owner’s impeccable style. No detail has been left unconsidered and the workmanship is of the finest quality. @hamptonsrealestate @djida_oppenheim

Read the full article at Hamptons.com (Link in Bio) #southampton #realestate #hamptonsrealestate #luxuryrealestate #saunders #hamptons
  • Growing Up Getty Book Publication Celebration at Canoe Place Inn

On Friday evening, July 29th  the beautifully restored Canoe Place Inn in Hampton Bays was the setting for a celebration of the publication of Growing Up Getty: The Story of America’s Most Unconventional Dynasty by James Reginato. Hamptons.com spoke with the author about his background and his new book. Mr. Reginato has a distinguished career in publishing, having been with Vanity Fair Magazine for 15 years. Previously, he served as features editor of W Magazine. @canoeplace @jamesnreginato

Read the full article at Hamptons.com (Link in Bio) #author #hamptonbays #hamptons #canoeplace
  • As Local as It Gets, Sundaes on Main Now Open

You may have noticed a new frozen yogurt shop opened on Main Street in Bridgehampton. At first glance, you think surely it must be an NYC business making a run for Hamptons customers. How wrong you would be—”Sundaes on Main” is as local as it gets. @sundaes_on_main

Read the full article at Hamptons.com (Link in Bio) #frozenyogurtshop #sundaes #sundaesonmain #bridgehampton #local #hamptons
Facebook Twitter Instagram Youtube
Hamptons.com

Saunders Broadcasting Corp.

Phone: 631-405-3902
Email: [email protected]
Facebook: Facebook.com/HamptonsOnline
Twitter: @Hamptons
Instagram: @HamptonsOnline

Contact Us

Happening in the Hamptons

  • Arts
  • Community
  • Dining
  • Entertainment
  • Featured
  • Gallery
  • Kids
  • Real Estate
  • Recreation
  • Spotlight

Subscribe

Get daily news updates to your inbox!

Subscribe to our mailing list to receives daily updates!

© 2021 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | Contact Us

No Result
View All Result
  • Live Cameras
    • All Live Cameras
    • Live! Weather Cams
    • 39A Corner
    • Main Beach
    • South Ferry
    • Coopers Beach
    • Southampton Village (South)
    • Southampton Village (North)
    • Southampton Village (Hildreths)
    • Downtown Circle Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach
    • Ponquogue Beach
    • Ponquogue Bridge
    • Shinnecock Fishing Dock
    • Village Main Street
    • Downtown Sag Harbor
    • Windmill Beach Sag Harbor
    • Foster Memorial Beach
    • Conscience Point Marina
  • Public WiFi
  • Happening
    • Arts
    • Community
    • Dining
    • Entertainment
    • Kids
    • Recreation
    • Real Estate
    • Events Calendar
    • Post an Event
    • Gallery
    • Spotlight
  • Real Estate
    • Open Houses
    • Search Sales
    • Search Rentals
    • Recorded Sales
    • Title Insurance

© 2021 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | Contact Us