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Hamptons.com
November 4, 2013

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

John A. ViterittibyJohn A. Viteritti
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.

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  • Chef’s Spotlight: Casual Luxury, Jean-Georges at Topping Rose House

Topping Rose House, nestled in the heart of Bridgehampton, is a beacon of sophistication and culinary excellence in the Hamptons. This iconic destination has earned its reputation as a bastion of luxury and style, making it a must-visit for locals and visitors alike seeking an unforgettable dining experience.

At the helm of Jean-George at Topping Rose House’s kitchen is French celebrity chef Jean-Georges Vongerichten—a culinary maestro whose talents have garnered widespread acclaim. The chef’s specialty lies in crafting a menu that harmonizes the finest local ingredients with a global perspective. This fusion of flavors and techniques results in dishes that are not only visually stunning but also explode with taste. @toppingrosehouse

Read the full article at Hamptons.com (Link in Bio)
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#dining #hamptons #luxury #toppingrosehouse #bridgehampton
  • Discover Hamptons History with East Hampton Historical Society’s Guided Tours

We all know that September is the best month in the Hamptons. The summer renters have mostly gone (we’ll miss you!). The weather practically demands that you go out for a walk. Maybe you’ve been too busy at the beach or planning activities for the kids, but now that it’s September, take a stroll, stretch your legs, and explore the rich, beautiful history around the Hamptons.

The East Hampton Historical Society is hosting Guided Walking Tours around the Hamptons all September long, so stay a while and listen.

I love walking tours not just because of the guides, who are great storytellers, but the company and conversations sparked with other attendees. We’re the kind of people you’ll see, hands on hips, squinting to read the well-worn plaque on a historical monument. The people who read those brown signs, who pick up and read the local leaflets at a museum or hotel lobby.  @easthampton_histsoc

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#hamptons #history #guidedtour #walking #discoverhamptons
  • Real Estate with Diane Saatchi: The One That Got Away

When most people think back to the one that got away, they think about relationships.

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After 35 years of selling real estate, I’ve seen more instances of homebuyers and sellers getting fixated on the one that got away than you’d think. For buyers, it could be that perfect three-bedroom waterfront cottage that was snapped up the day after they viewed it.

In cases like these, the one that got away isn’t just a quiet reminiscence — it’s a shadow that falls over the months and even years to come, making it difficult if not impossible for would-be buyers to find something that measures up to what they had, or thought they had, before.

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HamptonsFilm, the home of the Hamptons International Film Festival (HIFF), announced today a handful of additional Spotlight selections, which include Jennifer Esposito’s FRESH KILLS, Andrew Haigh’s ALL OF US STRANGERS, George C. Wolfe’s RUSTIN, and Jonathan Glazer’s THE ZONE OF INTEREST. The 31st annual edition of HIFF will take place October 5-12, 2023, with in-person screenings and events across the Hamptons.

“This year’s Signature programming and Spotlight films include a diverse array of powerful and thought-provoking titles,” said HamptonsFilm Artistic Director David Nugent. “We feel it is important to feature projects that are not only compelling but also socially impactful and capable of sparking a dialogue among our audiences.” @hamptonsfilm

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Yacht Hampton has docked at the Canoe Place Marina on the Shinnecock Canal. Canoe Place Inn & Cottages has been reimagined as a luxurious haven of hospitality, and now, with the arrival of Yacht Hampton, the historic Inn embarks on a prestigious new voyage.

Yacht Hampton is renowned for its expansive fleet and unrivaled service, offering a rich variety of opportunities for excursions in the waters surrounding the Hamptons. Enthusiasts can now indulge in the luxury boating/yachting lifestyle safely without the hassle and prohibitive costs that come with ownership. @canoeplace

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If you can allow yourself to believe it, September in the Hamptons is without a doubt the best month to be here. The traffic has subsided, the parking restrictions have come to an end, and the weather is the kind of weather you wish summer was: not too hot, but definitely still hot enough to go to the beach and enjoy the sunshine, and a lot less humid. September in the Hamptons is simply awesome.

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