• Ross Yeager

Roofstock Property Purchase Day 3: Getting the PSA

Within 4 days of the accepted offer, I received the PSA.  This is an electronic document that is signed through Docusign.  I read through the entire thing and there was a bit of confusion regarding the contingencies.  I have clarified with Roofstock that these are all taken care of through an amendment at the end of the agreement. This is my biggest concern since I haven't seen the property yet at this point other than a few outside photos. I checked zoning and mining hazards (as this is a thing in PA).  I also checked to make sure there were no red flags in terms of the type of sewage, wiring, or plumbing as those can be big expenses to replace. I also made sure that I received an updated ledger that consisted of redacted bank statements so that I could see what the actual rent/vacancy was for the property.  This was not properly included in the PSA, so I had to get that sorted out.  One of the units is currently vacant, and the other unit just resigned for another year at $800/month rent. Once I ensured that I had those ducks in a row, I went through and signed the PSA within the 2 day window. I was then required to put down a $1500 escrow that would be maintained during the closing period (fully refundable should any contingency kick in and if we close it goes towards the payment).

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