I know as a Realtor, that we need to know our "stuff". Today as I reviewed our new FAR/BAR contracts in a training session it was confirmed to me that Realtors are the beginning and the end as far as information sources to our buyer. The types of changes reviewed discussed verbage changes such as "loan approval" changed to loan approval which has undergone the underwriting process and definitions of time, calendar days vs. business days etc... When a change comes down the pike, it's usually the combination of law and requests. Review of errors committed and how to word it so that it's more simply stated.
Title company, and lenders are our support system and I am grateful to them as we couldn't possibly know all scopes of their field as well.
I have read our contracts backward and forward including all addendums and riders. It sometimes leaves a little more open to interpretation than I'd prefer but for the most part I feel that the FAR/BAR contract committee did a good job, helping to make the verbage more user friendly. In our state of Florida we don't require an attorney for closing so we are usually the first and last source of information until closing. As always as a Realtor, we better be up on changes and know your paperwork. Without it we open ourselves and our customers to great liability.
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