We recently received an all cash offer for our condo in the city of LA directly from a potential buyer. We have tenants in our condo whose lease runs out in July of this year.
First, we have a detailed video we made about 8 months ago of the interior of the condo prior to renting it to the current tenants. What if we indicate in the purchase agreement something like:
"Except that the unit will have roughly one year of normal wear and tear compared to the video, the unit will be delivered in the condition shown in the following video, Condo ABC, June 28, 2013. A copy of this video is in the escrow agent's possession."
Second, do you think it would be good idea for us to use Residential Purchase Agree. & Escrow Inst. from CA Assoc. of Realtors (Rev 4/10) for such a transaction?
Real Estate Attorney
I would consider using the video only if the buyers demand it. Unless it shows the place to be a hell hole, which it probably does not, it only gives the buyers another warranty that they can claim you breached. You will end up arguing what damage that the tenants caused might have been normal wear and tear, and you could end up paying for the way your broker artfully rendered your condo to its best effect.
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