Would your contracts pass this test?

Posted by admin December - 31 - 1969 - Wednesday

Received an offer for one of my listings yesterday. At least I think it was an offer. It came in on a standard Far/Bar purchase contract. The only problem, with what I was able to read, is half of the information was either missing or incorrect. Unless of course the Buyer meant to ask for a 21 day closing and include a 30 day financing contingency. Now I admit I'm not very good at math but it looks like this Buyer has up to 9 days after closing to get final loan approval. Since the address is wrong on the contract he will probably need this extra time to locate the house he just bought.

Fortunately for this Realtor I will take the time to write up a new contract and hopefully we will be able to negotiate a deal. After all my Sellers just want to sell and the Buyer just wants to buy.

As Realtors it is very important that we are able to write legible and binding contracts for our Sellers and Buyers. There is no excuse for not being able to do this. We our actually bound by Article 9 of our NAR Code of Ethics to ensure that all contracts and addendums are properly completed, signed and dated by all parties. Take this seriously as our customers and clients are relying on us to protect their interest. I can't remember where I heard it but someone told me once "to write every contract as if I had to defend it in front of a Judge." Would your contracts pass this test?

 

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I am a licensed real estate Broker in the state of Florida. My opinions on real estate have been formed from my experiences and 15 years of working in the business. My opinions are in line with Florida Real Estate laws and the REALTOR(R) Code of Ethics. Your State’s laws may differ. So do your own homework before implementing any of my business practices into your business.