Typical Bankruptcy Counter

Below is typical language for a counter by a bankruptcy trustee in a Columbus OH real estate deal:

1. This contract shall be contingent upon the following:

A) The approval of the United States Bankruptcy Court.

B) Obtaining an Order of the United States Bankruptcy Court authorizing the sale of this property free and clear of all liens pursuant to the provisions of 11 U.S.C. § 363, except for the mortgage on the property, if any; and real estate taxes, if any.

2. Closing shall be held within thirty (30) days of the date of the receipt of the approval by the United States Bankruptcy Court and the Order of the Bankruptcy Court regarding the sale of the property free and clear of liens.

3. The property shall be SOLD "as-is" and the Seller shall make no warranty with respect to the operating condition of the real property improvements, fixtures, and/or mechanicals.

4. There is no completed Property Disclosure Form or Lead-Based Paint Form required, due to bankruptcy.

5. The Trustee shall provide a Fiduciary Deed, no Warranty Deed shall be provided.

Other trustees may utilize different language, but making offers that conform to these baseline terms provide credibility and assist the transaction in moving to closing faster.