I received an offer the other day on one of my listings and there were scratch outs. Now
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.
Consider 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…