eSignature Licitness for Business Purchase Agreement in Mexico

How to eSign a document: e-signature licitness for Business purchase agreement in Mexico

[Music] good afternoon random members I'm Ashley Straus Martin general counsel for the Realtors Association of New Mexico and I'm here to talk to you today about some changes to random form 2104 the purchase agreement for residential resale additional changes will be addressed in part 2 of this video first uncover page 2 of the broker duties under section 2 a listing broker indicates how he or she is working with the seller with a written agreement either as an agent or as a transaction broker now the broker can indicate if he or she does not have a listing agreement with the seller but does have a compensation agreement this was added to address the scenario where a buyer and seller have found each other and wish for you the broker to simply assist them with the drafting of the paperwork this box would be marked if you had not entered into a listing agreement with the seller but the seller had agreed in writing to compensate you through some other compensation agreement random is currently working on a form for this scenario which should be out by the end of the year but currently the only forms for compensation in the random library are the exclusive listing agreement the buyer broker agreement and the compensation on unlisted property agreement all these forms would require some modification for use in this scenario in paragraph 2 of the purchase agreement we've added checkboxes next to cash and loan amount that allows the parties to leave those spaces blank and simply indicate that the lender or the buyer will determine those amounts at a future date in paragraph 3 we've added a new section and concept entitled time off market fee this is a fee that goes directly from the buyer to the seller to compensate the seller for taking his or her property off the market for a period of time to enable the buyer to conduct his/her inspections and review the sellers property disclosure statement as a result of this new concept there were some minor changes made to paragraph 4 the earnest money paragraph but more on all that in part 2 of the video in paragraph 8c the appraisal paragraph we currently have some awkward language regarding buyers right and privilege to continue with the sale if the appraisal comes in below the purchase price it also references a statement from the Federal Fair Housing Commission this language was all taken from the FHA loan required amendatory clause random originally put the language in the form the belief that in the event the buyer was getting an FHA VA loan this language would eliminate the need for the parties to sign as standalone a mid-tour clause addendum our lenders are still requiring them mandatory I didn't be signed even though the exact language is already present in our purchase agreement consequently we decided to take out the additional language as it's awkward and serves no real purpose of course the appraisal contingency remains in paragraph not in the closing paragraph there's been some clarification regarding the settlement signing date and funding date requirements and some reformatting of those sections however the paragraphs function is they always have in paragraph eleven the cost be paid grid there are two major changes first note the bold all caps language at the top of the page there have been numerous instances where buyers brokers have entered into the grid that seller or provides some seller concession or credit to the buyer at closing because this is a cost to be paid section of the purchase agreement listing brokers and sellers have neglected notice the seller concession language in this section which needless to say creates a conflict between the parties when the seller discovers it after accepting the offer broker duties require the exercise of reasonable care and placing seller concession language in this section of the purchase agreement where it can easily be overlooked is arguably not exercising reasonable care we want all parties to the contract on the same page and the best way to do this is to make additions to the contract such as seller concessions or credits as conspicuous as possible it belongs on an addendum not in this section of the contract the second addition is found in the title policy fees section some language in the new regulations promulgated by the superintendent of insurance has led some title companies to charge an additional $100 fee for every change the original title commitment no matter how small consequently is important that brokers do their best to provide accurate information to the title company from the start again things as small as a new spelling of a name could result in an additional charge the new language in this grid states that the party who creates the need for a new commitment must bear the cost of any issuance and if the need arises as a result of a survey or some other third party document and not a result of anything either party did wrong then the fee will be split equally between the party for more information on this topic visit my random voice article from the last quarter in paragraph 21 H which addresses buyers objections there's been a significant change buyers no longer have to provide a copy of the inspection report when the buyer is terminating the buyer must still try to copy the report he or she's objecting and asking the seller to cure something but again not when the buyer is terminating you ask why well we're seeing more and more inspection reports with copyright protection language in them this language often states that the reproduction or sharing of the report is an infringement on the inspectors copyright remember sellers who end up with an inspection report have a duty to disclose to the next buyer the negative information on that report this is why my friend Oliver France kono a real estate attorney from Colorado used to say seller you don't want that report in deciding how to share that information a seller has two choices share the inspection report in its entirety or transfer the negative information in the report on to a seller disclosure the problem with the former is the copyright infringement issue the problem with the latter is that a seller may neglect to include some information because in the seller's opinion the information is not Material irrelevant whereas in the buyers opinion it may very well be material and relevant however with the elimination of the requirement to provide a copy of the report when the buyer opts to terminate we eliminate at least some cases if the buyer seller cannot negotiate objections sellers will still end up with prior inspection reports in paragraph 22 we have added the service provider recommendations paragraph from the listing agreement which states that if brokers recommend a builder contractor escrow company etc to the seller or buyer for any purpose such recommendations shall be independently investigated and evaluated by the seller or buyer in paragraph 25 the maintenance paragraph we've added the following language if utilities are on as of the date of acceptance then the seller shall maintain utilities through possession date or the date otherwise stated in an occupancy agreement in addition we've added language that says that it is the buyers responsibility to arrange for transfer of utilities into the buyers name on the possession date or date otherwise stated in an occupancy agreement in paragraph 29 we've added that the agreement applies and will be binding upon and enforceable against the parties and their respective heirs successors permitted assign and estates while absence of this language did not mean it was not enforceable against the party airs in a science / legal concept called equitable conversion the lack of such language created enough questions that we thought it better to simply add it back in paragraph 36 brokers have been removed from the paragraph at the request of attorneys who defend brokers and claims utilizing the broker's Eno insurance in the signature block we have labeled an area title of entity and name of signatory for entity if the buyer is seller is an entity such as a corporation trust or a state the party signing for the entity would provide his or her name and his or her title such as personal representative of the estate of John Doe or CEO of ABC corporation this concludes the summary of the smaller changes to form 2104 please view part two of the 2104 changes that are dressed the time off market edition for more detail these changes will be available in insta net and zip forms on October 1st and in dot loop on October 1st or shortly thereafter if you have any questions about these changes please contact me on the random Legal Hotline thank you and have a great day [Music] you