Initials…Please!

I received an offer the other day on one of my listings and there were scratch outs. Now initial
there is nothing wrong with making changes on a contract, however, for every change, there has to be initials from both sides, if not, the contract is not fully executed.  Too often, we as REALTORS make the changes in conjunction with our Sellers’ or Buyers’ wishes but neglect to make sure all is properly signed and initialed.

LBPAConsider the Lead Based Paint Disclosure. The Seller has to sign FIRST and date, along with the Seller’s agent then the Buyer signs along with their agent and it is dated.  Seller’s date is supposed to be before the Buyer’s date.  Many real estate offices are being audited for the lead base paint disclosure to be sure it is signed and dated properly. If it is not done properly there are fines involved into the 6 figures.

So my fellow REALTORS, take care when you are dealing with the contract and all paperwork.  It could mean your license and/or a fine.

Until Next Monday…

Matey sig

 

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This entry was posted in 2014 Vice President, 2015 President Elect, Florida REALTORS, Risk management, Tips and tagged , , , , . Bookmark the permalink.

2 Responses to Initials…Please!

  1. Matey this is such an important message. Sloppiness has got to stop in the contract process and as you pointed out in the disclosure forms. After teaching real estate law for over 15 years I am still appalled and disappointed by the lack of training of the agents by their brokers. Texas is the only state that has finally put teeth into their legislation. Get the agents trained and be responsible or its the broker’s fault. Now we’ll see if they act upon the situations that come forward!

  2. One of my associates received a counter offer that the selling agent had used WHITE OUT! I called the broker as a courtesy and she announced that she helped him fill it out! Oh my….

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