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Contract changes

By
Real Estate Agent with Century 21 Sundance

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.

Comments (4)

Hector Hernandez
Inside Edge Real Estate - Colorado Springs, CO
Hector Hernandez

Great advice on your blog. It is extremely important for us as Real Estate professionals to know our products. The general public look to us and we must be there for them!

Hector

Oct 23, 2007 08:56 AM
Lori DeLoera
Century 21 Sundance - Port Orange, FL
Thanks Hector.  I appreciate the comment.
Oct 23, 2007 09:12 AM
Joy Mengeringhausen
Century 21 Sunbelt - Cape Coral, FL
Realtor - Cape Coral, Greater Fort Myers
You are absolutely right!  It is even more important in todays market to know as much about our business as possible than ever before.  Buyers and Sellers alike are more informed with the internet and ultimatley have more respect for the agent that is on top of her/his game. 
Oct 23, 2007 09:18 AM
David Kelso
Century 21 Sundance Realty - Port Orange, FL
So important that we understand the legalities of the Real Estate Contract. Too many realtors are 'taxi drivers' shuttling people from house to house without understanding what is truly involved in being a professional.
Oct 24, 2007 02:29 AM