Real Estate Law is a lot more complicated than it has ever been in the past. Now when you sign a brokerage agreement with a realtor instead of 1 page or 2 pages it is 14 pages? That is just for the listing. Why is it so long? Well that is nothing compared to all the other forms involved and they just keep getting bigger due to all the laws, bureaucracy and lawyers. Everyone is so busy trying to cover themselves and their rear ends from every known or potential eventuality.

It is a giant game of 100s of pages of What Ifs. How can you have time to read it all? Well you need to make the time and it also makes sense to not allow yourself to be forced into doing anything too fast out of social conditioning. Such as thinking you might look stupid if you read it all or that you are wasting the other person's time. In Real Estate Law you have a right to knowing what you are signing and why.

signing gif

If you were a business-person would you sign an agreement without reading it all the way through? I think not. And realize your home is probably the biggest personal investment you will ever make and it will take you years to pay it off. Is it worth rushing through if you still have questions?

Read it, understand it and ask questions and you will be glad you did. Your real estate agent will explain it all to you, you just have to ask, perhaps take the extra time. After this last subprime lending fallout, it makes sense to go that extra mile with all your real estate transactions, no matter who they are with, including the bank, mortgage broker and real estate agent.

sold signage

Go buy the book Real Estate Law 4 Smarty Pants' if you can find that title; if you have to, but please read and understand what you are signing. I certainly hope this blog post is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best and give you something to contemplate in 2008. I thank you for reading my many posts on diverse subjects, which interest you.

 

2 Comments on Real Estate Law and Knowing What You are Signing

Great tips.  Everyone should certainly know exactly what they are signing.  I have had clients who almost close their eyes and sign on the line and others who I have sat with and gone over a 30 page contract, line by line.  I almost prefer going over all the details, because it helps me review exactly what is going on too.  Terms on important!

For my clients, I also take the time to make out a calendar with all the deadlines through the process.  Reading over 30 pages of a contract to find out how long you have to get in an application for financing is time consuming.  This way, they have all the details in the agreement and a nice calendar on top to make it easier to find out what's going on. 

12/29/2007 01:43 PM by Jen Hudson - Stanwood, Camano & Arlington,WA (RE/MAX Signature)


Jen Hudson,

Wow, now that is a terrific and wonderful way to do that. I know what you mean about people practically closing their eyes, too bad, but its true. The regulators make more rules and the lawyers file more court suits and the pages just increase in all the agreements. It is daunting for many home buyers and yet they are signing their lives away in many cases. Your methodology is smart and a real solution, you serve your clients well, way to go, we need more like that. - Lance

12/29/2007 05:23 PM by Lance Winslow (The Car Wash Guy)


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Property Manager: Lance Winslow (The Car Wash Guy)
Lance Winslow
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Mr. Winslow uses the Active Rain Real Estate Industry Blog, to discuss issues that affect the Real Estate sector of our economy. His dialogues include such things as; droughts, subprime lending fallout, building materials, living off the grid, sales ethics, commercial property, crime, revitalizing downtowns, economic development, community volunteerism, and predicting the future of the real estate markets in the United States.

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