I couldn't agree more. What ever happened to the 2 page contract, and a buyer having some responsibility for what they are getting into. All this paperwork is CYA government created.
Today's Real Estate Market is so complicated and there is so much paperwork, I have had buyers literally walk away from a house they want because the paperwork scared them away.
At least in our State, the paperwork relating to a transaction gets worse and worse every year. Our Purchase Contract was just revised again, more Addendums added, and it is quite overwhelming to the agents, let along the Buyers and Sellers. I can't tell you how many times I have been asked, why do I have to sign all this paperwork. Why can't I just make my offer and see if the seller will take it? Good question, except that the State requires all this paperwork.
Now you add the Banks in to the equation and all the paperwork we do to start the transaction is basically thrown out in favor of the Bank Addendums that the banks themselves issue. We do what we have to do under State Law only to have the Banks throw most of the Buyer protections out in another document that adds another 15 pages of legaleze to the equation.
I truly can't blame buyers for getting scared away by the volume of paperwork alone. Then you add in the Loan papers at closing, the Inspection Reports, and before you are done with a transaction you have a file an inch thick full of paperwork and documentation on the file.
Doe it stop law suits? Does it really help the clients understand things better? I doubt it, in the end all it does is give them enough paperwork to fill a file drawer in their filing cabinet.
Oh well, just a Monday afternoon observation. Can't change it, can't do anything about it, just try and reassure everyone involved that it is a necessary evil in order to purchase Real Estate.
Hope you all have a wonderful week.
Sandra J. Paulow, Associate Broker, GRI, SFR, REALTOR®
RUSS LYON SOTHEBY'S INTERNATIONAL REALTY, SHOW LOW, ARIZONA