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Saturday, August 31, 2013
Law - "How Fights Over Fixtures Can Derail a Closing"
This long article by Robin Finn was in the Sunday "Real Estate" section of the August 25th NY Times. It begins:
Even at their smoothest, residential real estate closings are not for the faint of heart. At stake is nothing less than the roof over the buyer’s head, but the repercussions can be primal when, just before the culmination of a deal worth hundreds of thousands or, in many instances, millions of dollars, weeks of negotiations unravel when the buyer and seller suddenly squabble over who gets custody of something as inconsequential as a $150 ceiling fan. * * *
There is a chronic dynamic at work here. Sellers are wary of having parted too cheaply with a profound investment, their residence. Buyers are leery of having paid too dearly and often are already punch-drunk from the trauma of the financial frisking endured during co-op board inquisitions or mortgage applications.
With the stage preset for regret and recrimination, and with lawyers at the ready to advocate in different directions at the drop of a dollar sign, nothing brings the process to a screeching standstill like a quibble over an inanimate item — a dusty chandelier, a sputtering air-conditioner, a wobbly Ikea shoe rack — that incomprehensibly assumes trophy status in the calculations of both buyer and seller.
Posted by Marcia Oddi on August 31, 2013 06:38 PM
Posted to General Law Related