A Contract Is Not a Document Just for Your Leisurely Reading Pleasure
I take the real estate contract very seriously and as a part to the contract you should too as well as the representing real estate agents (but that's just my opinion).
contract 1) n. an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration.
Think about it, you receive an offer , you spend days and in some cases weeks hashing out the terms and eventually it leads to a contract.
Why is it then that the minute the offer becomes a contract, people want to change the terms and act as if they've spent countless hours just to say that they have a contract.
The contract says home inspection to take place in xx number of days. Buyer's agent says after contract: buyer will have home inspection done after they come back from vacation. NOT. Well actually they can take all the time that they want. More power to them if they want the contingency period to expire.
The contract says that pre-qual letter shall be substituted with a pre-approval letter within 7 days: Buyer's agent says: Oh we gave you a pre-qualification letter, we thought that was sufficient. NOT.
The contract says if buyer wishes to have a septic inspection, then buyer shall be financially responsible for said inspection: Buyer's agent says after home inspection: Buyer's request seller to have septic tank inspected since the home inspector recommended that septic tank be inspected.
Before signing a contract, please be sure that all parties are willing to accept the responsibilities that they have agreed upon. It is a legally binding document and it should be treated as such.
If either party does not want to honor the terms of the contract then they should not agree to it. And agents should remember that they are there to see that the terms are adhered to (both their clients and the and the party on the other side of the transaction). Be careful what you sign.
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