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December 21, 2022

What amount of gross rental income from the property does the seller guarantee for the first year after the closing date

What amount of gross rental income from the property does the seller guarantee for the first year after the closing date? On what basis does the seller agree to pay the purchaser any income shortfall from the actual income generated from the property and the seller’s guarantee of income?

d. Does the purchaser have a free look under this agreement, and when is the last date for fully exercising its free look? If there is damage to the property before closing in the amount of $15,000, does this give the purchaser the right to terminate the agreement and not purchase the property? Who has the risk of loss and damage to the property before closing?

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