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The Answer To This Week's Legal Scenario is Posted: Contract Addendums - Who Signs What And Why?
Ralph's Weekly Legal What-If Scenarios: Contract Addendums - Who Signs What And Why?
Each Monday, I'm going to post a "What If" Scenario that presents a legal issue in a real estate hypothetical situation.
Each Sunday, either the correct legal answer (or most likely legal resolution) to the situation will be posted.
This week's "What-If" Scenario was based on contract addendums.
If you'd like read this week's blog, click here:
Here is this week's scenario:
Jane is the listing agent, and is representing her seller, Adam, in an escrow.  Steve is the buyer's agent, and he is representing his buyer Carol.
Things are going fairly well with the escrow, and the loan approval took a little longer than expected, thus creating the need to close escrow a few days later than what the contract states.  Carol is using her brother-in-law Derek as the loan broker to obtain the loan.
An addendum is drawn up to extend the closing date out 5 more days than the original contract states.  The addendum is drawn up using ZipForms C.A.R. form ADM, and the principles and agents sign the form in the designated signature lines on the addendum.
About a year later, Carol, during ... more

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