Practice Tip definition
Practice Tip. Some municipalities do not have zoning restrictions. To avoid confusion it is advised that you write in language to that effect (e.g., “No zoning ordinances in this municipality”). Subparagraph (A): Fixtures Subparagraphs (B) and (D): Included/Excluded
Practice Tip. Many lenders provide estimates of closing costs as part of the financing process. These estimates may not contain certain items that must be listed (e.g., Broker fees or inspection fees), and generally should not be used in place of a separate estimate of closing costs drawn up by the agent unless the Broker/agent is absolutely sure that the estimates provided by the lender are comprehensive and accurate.
Practice Tip. When filling out the Business Relationship Blocks, keep in mind that only the legal name and address of Pennsylvania licensed real estate offices should appear in these blocks. Don’t use office nicknames or home addresses if they are not approved by and registered with the State Real Estate Commission.
Examples of Practice Tip in a sentence
Practice Tip: There is only one line to elect and one line to waive this contingency.
Practice Tip: Property identifiers may have different names in different counties.
Practice Tip: Do not use terms such as “all registered owners” or “owners in title.” The registered owners are not necessarily the only ones who must sign agreements and deeds to convey legal title (e.g., spouses of owners under certain circumstances).
Practice Tip: Because zoning is often referred to by a letter/number combination that may mean different things in different municipalities, it is generally advisable to include a short description of the types of permitted uses as well.
Practice Tip: Agents are encouraged to double-check the calendar once the Execution Date is established to be sure that there will be no problems with meeting the deadlines as set forth in the Agreement.
More Definitions of Practice Tip
Practice Tip. If the “No business relationship” checkbox has been checked, the Broker and Licensee should not write their information in that Business Relationship Block. Answer the questions in the flow charts below to determine which box to check on the Agreement.
Practice Tip. If your Buyer is running out of time in the stated period, attempt to negotiate an extension. Remember that any extension must be signed within the Contingency Period to be effective; if there is no negotiated extension during this time, the Buyer may have waived certain rights once the original Contingency Period expires. To negotiate different timelines for an inspection, the parties can use the Change in Terms Addendum (PAR Form CTA) to change a specific date in limited circumstances. Subparagraph (B): The Inspection Contingency
Practice Tip. As flood maps can change, it may be more or less difficult to obtain flood insurance. Buyer may be required to carry flood insurance at Buyer’s expense, which may need to be ordered 14 days or more prior to Settlement Date.
Practice Tip. The line for Seller assist can be used to state a specific dollar amount or a percentage of the sales price. Whichever is used, be sure both parties understand how that number relates to any counteroffers that are made. For example, a Buyer may need to increase a dollar amount of assistance to reflect a higher negotiated sales price; a Seller who can only afford to contribute a certain dollar amount might need to reduce a percentage of the assist if the purchase price increases. Practice Tip: Regardless of the intent of the parties, most lenders have a maximum amount or percentage of Seller assist they permit. It is VERY important to know what the maximum amount or percentage is, so the parties do not inadvertently cause a problem in the transaction by including a Seller assist that exceeds that maximum. Remember that when the Agreement is finalized, there may be other areas (particularly in relation to Inspection Contingency) where the Seller might agree to provide a credit for some reason. Be sure to check with the lender to see if these credits might be counted against the total amount of a Seller assist. The last sentence makes it clear that the Seller is only required to pay up to the lender’s maximum amount or percentage. Be careful of the following example: Original Offer: $100,000 Purchase Price, with a $6,000 Seller assist; the lender’s maximum allowed Seller assist is 6%. This is not a problem because $6,000 is not greater than 6% of the Purchase Price. Counteroffer: The Purchase Price is reduced to $97,000 Purchase Price, with a
Practice Tip. The Buyer can do as many (or as few) additional inspections under this item as they would like, but all must be completed and acted upon by the end of the end of the Contingency Period. For this reason, the home inspection should be done as soon as possible in case any issues arise that indicate other inspections should be completed (e.g., the home inspector recommends a mold inspection). If additional inspections will take more time, the parties must agree on this change in writing.
Practice Tip. In setting any dates in the Agreement that might rely on the results of negotiations under this Paragraph (settlement date, for example), be sure to permit enough time to give the Buyer and Seller the opportunity to fully exercise their rights under this Paragraph. Scheduling settlement prior to the end of the time period stated in this contingency does not extend settlement and could result in one or both parties forfeiting their rights. If the Buyer fails to respond or terminate within the given time, the Buyer will accept the Property and agree to the Release in Paragraph 28 of this Agreement. If an Inspection Report indicates that the on-lot sewage disposal system needs to be expanded or replaced, the Inspection Contingency in Paragraph 13(B) is not used. In this instance, the Seller may obtain a detailed corrective proposal (including who is responsible for any repairs) and submit that proposal to the Buyer. The Buyer will then elect one of three options:
Practice Tip. A goal on the TILP related to maintaining participation criteria eligibility could be similar to “enroll in adult education to complete GED.” It is also recommended to include a back-up plan on the TILP in case NMDs become unable to participate in their primary participation activity through circumstances such experiencing a medical crisis. A back-up plan could be “enroll in a resume writing class.” This would meet eligibility criteria number three. For AFDC-FC eligibility determination purposes, earned income for NMDs shall be disregarded provided that it is documented in the TILP that the purpose of employment is to enable the NMD to gain knowledge of needed work skills and the responsibilities of maintaining employment (W&IC section 11008.15). As with the standard for ▇▇▇▇▇▇ care minors, NMDs may retain resources with a combined value not to exceed $10,000. Although withdrawal of savings for a ▇▇▇▇▇▇ child requires written approval, that requirement does not pertain to NMDs as they are adults (WI&C section 11155.5). For NMDs, the 90-day Transition Plan is to be completed within the 90-day period prior to exiting EFC. This would be either within the 90-day period prior to the NMD achieving the maximum age of ▇▇▇▇▇▇ care or, if the NMD has an earlier planned exit, within the 90-day period prior to a planned exit. If the NMD makes an unplanned exit from EFC, the 90-day Transition plan is still required as it must be indicated in the report for the W&IC section 391court hearing that the document has been provided to the NMD as stated in W&IC section 391(e)(2)(J).