Contracts, the promulgated forms, addenda and amendments adopted by entities such as the Texas Real Estate Commission, are worded and structured so that certain Buyer and Seller protections are made a part of a standard agreement and can be amended or updated according to case law and other changes in judicial rulings. Ironically enough, it's got a pretty good capture of most of the items that one might run into in your everyday, run-o-the-mill real estate transaction. That remains true here in the Dallas Metroplex as well.
Within reason, I'm often called upon to be a little more understanding when our office receives a purchase offer from an Agent that has little to no experience with REO/Foreclosure purchases. It's a different ballgame, really, and I can understand an error here or there.
But there are some contracts that come through the door that just boggle my mind... Without regard to the agent's license number or brokerage, it really stoops me as to where some of these professionals got their training in contract completion. The website specifies that TREC contract forms are intended for use "only by licensed real estate brokers or salespersons who are trained in their correct use." And, last I checked, to be licensed, one has to complete real estate courses. And, whatya know, one of those real estate courses is called "Law of Contracts," which details every paragraph of the form. So, what gives?
I'll lend an example. My biggest peeve would be the insertion of the Option or Inspection Period in Special Provisions. The issue is addressed otherwise, so don't bother to waste your ink and rewrite the very sentance that's built in!
What's your contract pet peeve?
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