Attention home buyers the listing agreement is not part of the your Sales Agreement, Offer and Acceptance, O & A, or Purchase Agreement! No matter what the listing agent might say!
Attention listing agents your agreement with the seller is not part of their contract with the buyers!
Buyers beware! If it’s not in your contract your are not bound by it!
Attention Buyers, Sellers and Agents. Sellers will often put conditions of sale in their listing agreement and well they should, but they have no effect on your contract to buy.
One frequent item is personal property to be included, just because it’s on the listing agreement (A contract between the Sellers and their Agents employing Broker.) Does not mean you’re entitled to the personal property! If you want it, it’s got to be included in the purchase agreement!
It’s the same with improvements, repairs, and even finishing a new property!
FHA use to play this game by claiming that items on their web sight and handbook were part of the Agreement, with out referencing them on the O & A. They claimed that it was their rules. The problem was they operated through brokers who had to comply with local law! I got that stopped 12 years ago in 12 states when they sized my clients deposit. I don’t know what they’re doing now it was the last time my clients or students tried to by an FHA-REO.
Another potential evil is a file fee imposed by the listing broker to collect money they don’t split with their listing agents! They included this charge in the listing agreement saying it’s to be shared buy the sellers and buyers! The problem is it’s often left off the sales agreement, if it is you the buyer are not responsible for it. I’ve seen this hyped as necessary to keep the records for 7 years, but though it varies from state to state they are required to keep them by law.
You, whether buying or selling take your O & A to closing to compare what you agreed to pay with what you’re being charged! Every thing must be included. Usual and customary is never acceptable! If it’s not in the offer it’s not part of the sale.
Buying or selling your only protection is the personal integrity of your agent, not the other guys agent or sub agents!
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