Long ago and far away – not really but sometime ago: When I first learned about writing a contract, I figured all you did was to fill in the blanks…..NOT! Yes, the blanks need to be filled in, but somehow the Buyer or Seller always wants something that is not addressed in the confines of the contract, right?
It took me a while (and I am forever learning) but the most important aspect I learned was: For every action there is a reaction. So what does that exactly mean? If you write in the blank area something the Buyer or Seller wants to happen (an action), you then need to write a reaction (if the action does not happen). Hopefully you aren’t confused by what I just said. The standard real estate contract carries a lot of the action/reaction areas; such as inspection within so many days and if you don’t do them, the contract stipulates what will occur. So remember when you add additional handwritten clauses, action/reaction, that way you cover your Buyer/Seller in the event some action does not occur or you place your client and yourself at risk.
So my fellow REALTORS…let’s be good to each other!
Until next Monday…