Hmmmm, day two of the 30 day in a row blog challenge. What shall it be today. Yesterday I was caught up in the drama of HST emergencies but I have those resolved and hopefully no new files will rear their ugly heads today so on to something new.
I watched a video on blogging online and the advice was to write about something you are passionate about. I am passionate about well written Contracts. How many Buyers actually go and review their Contract with a lawyer before signing? Two percent? Five. No, five is too high. For that matter, two is probably too high. That means that the bulk of Buyers are relying on their Real Estate professional to write them a good Contract.
Oh my word, I have seen some awful Contracts over my 30 years of working for lawyers. I have to say as well though, I have seen many excellent ones (and I would like to thank those Realtors because I have kept copies as precedents). What is the difference? I think that a Realtor who takes the time to play devil's advocate on a deal and assumes that anything that can go wrong will go wrong will unless they stop it end up writing a good Contract. Don't accept verbal agreements - if it has been brought up or expressed as a concern put it in writing even if it all seems fine, things can change. A perfect example is dealing with the HST on new construction (see my previous blog). Be specific about the rights, obligations and covenants given by both parties. A handshake is not enough. All agreements dealing with Real Estate must be in writing or they are not enforceable. Try to stay informed about recent litigation decisions and learn from them.
It all starts with precedents. Take the time to draft a really good and thorough template and don't just accept everything offered as "standard" to be "good enough". As new situations arise add to your template. It doesn't hurt either to go and get some legal advise from a really experienced real estate lawyer. A few dollars spent may save you thousands. Most deals are not just cookie cutters so put yourself in the position of the Buyer. What are their special concerns? Pretend it is your money on the line and protect yourself from nasty litigation and at the same time keep our professional insurance costs down.
Once you have your template perfected than it is much easier to remove subjects when you are in a hurry than to start re-inventing the wheel for the bulk of the Contract. Often a precedent template will remind you of situations that could apply that you might otherwise have missed if you are pressured to get that offer in to compete with, or beat, the competition.
There, I warned you that I am passionate about this subject. Wonder what I am going to come up with for tomorrow. Hmmmmm, already thinking - have a good one,
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