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When Is A Contract A Contract?

By Margaret Rome Baltimore 410-530-2400

Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

July 06, 2017 08:04 PM

Negotiations started as soon as the buyer's agent sent the offer. The seller has countered with a change in price and settlement date. The buyers have accepted the price and the date but asking for the kitchen table and chairs and some other furniture. Seller agrees and agents verbally agree along with an email. Is this contract?

Not yet.

In real estate, it has to be in writing along with all the changes.

Just waiting for initials or new pages from buyer's agent.

Then the seller can sign everything at once. Then and only then do we have a contract!

Stay tuned...we almost have a ratified contract!

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Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Hi Margaret

We know it has to be in writing and signed by both parties. But I have to wonder how emails and texts will play a bigger role in contracts, at least in some states that have laws regarding them, as we see more and more electronic communications. Will they hold up legally?

Jeff

Jul 06, 2017 08:34 PM

Margaret Rome Baltimor...

Pikesville, MD

Margaret Rome Baltimore 410-530-2400

HomeRome Realty 410-530-2400 - Pikesville, MD

Sell Your Home With Margaret Rome

Good point Jeff Dowler We need to be careful of our wording..ie: when emailing or texting a counter, I state: "Seller will consider the following...." .

Jul 06, 2017 08:41 PM

Sandy Padula & Norm Padula, JD, GRI

HomeSmart Realty West & Florida Realty Investments - , CA

Presence, Persistence & Perseverance

Elements of the contract all come into play and once signed, then the Mailbox Rule often keeps contracts as alive as the performance, particularly when a seller or buyer have a change of heart. Good post!

Jul 07, 2017 04:11 AM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Margaret this is why I do not lock in an interest rate for my Borrowers until I see a completely executed sales contract.

Jul 07, 2017 07:48 AM

Patricia Feager, MBA, CRS, GRI,MRP

DFW FINE PROPERTIES - Flower Mound, TX

Selling Homes Changing Lives

Great topic! Here in TX we have to have everything in writing with an effecttive date for an executed contract. For personal items we have a Non-Realty Addendum. Interesting how things are different state to state. This is very helpful for people relocating and for agents to know what the expectations are in other states too.

Jul 07, 2017 11:06 AM

When Is A Contract A Contract?

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Margaret Rome Baltimore 410-530-2400

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