If there is one thing my agents hear me say over and over, it is, "What does the contract say?" We're in a business that is dependent on all players responding to details laid out in a contract. Over the past year, I've seen more agents outside of my office try to ignore what's in contracts, or they've tried to change the meaning of clear language in contracts and often that is days before a closing.
One of my agents called yesterday saying that the buyers on one of her listings want additional work done on the property that is closing today. Of course, I immediately asked, "What does the contract say?" She read it to me. I then asked what the sellers did in response to the contract, and she relayed what they did. The complied with the contract.
I did encourage her to share with the buyer's agent that the buyer-clients would be in default if they didn't follow through with the contractual terms. They had no right to demand additional items be done once everything was agreed to and signed by all. They were not entitled to not close due to new things they wanted. The issues they wanted changed were already addressed in the contract and dealt with. I think they didn't like the outcome of what they agreed to, and they wanted it different. Sadly, what was done, was what they asked for and it was done exactly as agreed upon by all.
I had to pull the "the contract says" card on a buyer's agent on one of my listing just two weeks ago. The buyers are whining about a few things that they were not entitled to, just days before closing. They were threatening not to close unless my client did XYZ. I did encourage the buyer's agent to get control of her clients before things got ugly, and I promised her that it would get ugly, and they complied. I hate having to do business like that. Buyers and sellers need to let the contract speak when they have a disagreement. They both signed the contract in the beginning of the deal. Let it be the guide to the end.
The bottom line is, we are in a business that is dependent on contracts and contractual agreements. Once those contracts are signed by all, they are binding unless everyone agrees to a change. If one party is not willing to change something, the contract stands. What does the contract say?
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