Depending on how long you have been selling real estate, you may remember a time when contracts were only a few pages in length.
Real Estate Contracts Are Thick
Today, real estate contracts destroy more trees than the law allows! By the time you include all of the Disclosures, a contract can easily be 60 pages or more. So naturally you would think that with a contract of that size, everything under the sun is covered. Right?
Virtually Everything Is Covered
Well, for the most part you would be correct. Real estate contracts have increased in length due to the numerous law suits associated with this industry. It seems as though when enough cases go to court, the real estate associations decide the issue should be addressed in the contract. Which in theory, makes sense. Better for it to be addressed in the contract than having a real estate agent writing the legal language! So why is it that agents are constantly calling and emailing with their current real estate crisis asking me, "what should I do"?
Refer To The Contract
My response is always the same, "what does the contract say"? The contract addresses virtually every scenario imaginable. The contract should be the first document you review when an issue arises. Nine times out of ten, the answer will be there. But I believe that most agents already know the answer to their question before they make the phone call.
My Answer Will Not Be Different
What they are looking for is either confirmation that they are doing the right thing or hoping and praying that I will give them a different answer than the one in the contract. Perhaps they made an error, didn't keep track of the contingency time frames or told their client the wrong thing and are now trying to save face. We've all been there! But regardless of the reason, the terms of the contract remain the same.
So when you find yourself wondering what to do, simply ask yourself, "What does the contract say"?
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