3
PLAYBOOK TEMPLATES

Real Estate Purchase Agreement

A Real Estate Purchase Agreement governs the sale and transfer of property ownership between buyer and seller. This playbook covers due diligence, contingencies, and closing mechanics.

Maintenance and Repairs

Why This Matters: Unbalanced or vague repair obligations lead to neglected assets or excessive costs. Well-defined responsibilities prevent disputes and costly emergency fixes.

Negotiation strategy

If you're the Buyer:

Ensure that structural maintenance responsibilities are clearly defined and limited to prevent unexpected costs. Include timelines for repairs to maintain property value.

If you're the Seller:

Negotiate for clear definitions of routine maintenance tasks to avoid taking on excessive responsibilities. Ensure timely reporting and repair procedures are in place.

Essential elements

1

Maintenance Obligations

Defines repair responsibilities.
2

Service Standards

Sets quality benchmarks for repairs.
3

Repair Timelines

Specifies deadlines for repairs.

Action framework

ACCEPT

Propose edits if repair timelines are too short or vague.

EDIT

Reject if responsibilities are unreasonably skewed towards one party.

ADD

Add clauses for inspection rights if absent.

PRO TIP

Always include a clause for emergency repairs to ensure swift action when needed.

Example clauses

FAVORABLE

Balanced Maintenance Responsibilities

"The Landlord shall handle structural repairs, while the Tenant manages routine maintenance within the premises."
NEUTRAL

Standard Maintenance Clause

"Both parties agree to maintain their respective areas as per industry standards."
UNFAVORABLE

Unclear Maintenance Duties

"The Tenant shall ensure all repairs are conducted, without specifying scope or limits."

Fallbacks

High-Value Properties

For high-value properties, include detailed maintenance protocols and additional protections to safeguard property value.

Multi-Tenant Buildings

In multi-tenant buildings, clarify common area maintenance obligations and cost-sharing arrangements among tenants.

Short-Term Leases

For short-term leases, focus on routine maintenance and ensure quick resolution of any issues to maintain tenant satisfaction.
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