This is a big one. If your agent isn't completely familiar with all of our board-issued real estate contract forms and addenda, you could be in big trouble as a buyer or seller. Here's a few of examples:
1. Alternate financing- a buyer changing a lender or loan terms can be a big problem with respect to the buyer's financing contingency.
2. Permitted delays in the contract for title issues. Not good if the buyer or seller needs a specific date and can't go beyond that date.
3. Inclusions/Exclusions- This one can get really tricky with what personal items are expected to be (or not to be) in the home at settlement.
You should fully vet your real estate agent to make sure that he/she understands these documents. If you sense any hesitation on your agent's part when asked about specific clauses, you might want to think twice about using him/her. These documents are legally binding you to perform and it's a good idea to understand the complete scope of those obligations in the docs.
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