Does the contract say what you think it says?

By
Real Estate Broker/Owner with Momentum Real Estate Group LLC GA BrokersLicense# 277342

Real estate negotiations take place in a myriad of ways in today's fast paced, technological age.  We've The importance of your real estate contractbecome accustomed to exchanging information via email, voice mail and text message.  

Now we can even electronically sign with the click of a mouse from anywhere.

While all of this seems grand and modern, I would caution you not to get caught up in the speed of the electronic age. 

The real estate contract is important and it sets the RULES FOR THE TRANSACTION.

Remember the days of WRITTEN COUNTEROFFERS? 

Remember the days of sitting down at the kitchen table and going through all of the pertinent information with your client?  Those meetings served a dual purpose: first, it ensured that the agent and the client actually read the contract, second, it gave the client an opportunity to ask questions.

I do.  I miss those days. 

Why?

Keeping a written record of the flow of contract negotiations helps to ensure that the FINAL BINDED SALES AGREEMENT is an accurate representation of the MEETING OF THE MINDS.

Before you click through the prerequisite initial & signature fields of the e-sign software, READ THE CONTRACT

Do the terms accurately reflect all of the text messages and emails that were exchanged along the way?  Purchase price, closing costs, closing attorney, closing date, contingencies, seller concessions...

Fast is great.  Easy is wonderful.  Accuracy is PARAMOUNT.

 

Photo courtesy of Start Miles at FreeDigitalPhotos.net

Posted by

55+ Realty Advisor  MyMomentumTea.com Logo 

Jenna Dixon
Associate Broker

55+ Realty Advisor | Accredited Buyer Representative |
Certified Skilled Negotiator

DRA Homes Real Estate
MyMomentumTeam.com

Email: JennaDixon@Outlook.com
Direct: (770) 374-4230


DRA Homes Real Estate
An Affiliate of Maximum One Realty Greater Atlanta
5041 Dallas Highway, Suite 700, Powder Springs, GA 30127
Office Phone: 770-919-8825 ext. 318

 

 

 

Comments (10)

David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

I have been in both of these ages and much prefer this one. Nothing lost easy and traceable and you can print out a binder transaction (if you wish) of everything sent countered accepted etc so to me I am MUCH happier with this new model

Jun 01, 2015 07:57 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Jenna, They darn well better read it and make sure it reflect the meeting of the minds.  Once signed, it is binding.  Ignorance nor stupidity is a good defense.

Jun 01, 2015 10:26 AM
Jenna Dixon
Momentum Real Estate Group LLC - Marietta, GA
55 & Over | New Constructions | Horse Farms

David - I too prefer this one to a degree.  I don't like texting for real estate negotiations.  I always feel the need to follow up with email.

Kathleen - all too many clients and agents breeze through looking for the highlights and miss the detail.

Jun 01, 2015 10:31 AM
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

I'm always amazed when agents, buyers, sellers or pretty much anyone does not read what they are either presenting or signing. 

Jun 01, 2015 10:50 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Yeah, no.  We still sit down in the conference room with buyers and go over the offer before they sign and we also go to the kitchen table with our in town sellers too.  I'm old school and I think it sets us apart.  Of course I have e-signing available when needed, but I don't think it's best.

Jun 01, 2015 12:54 PM
Jenna Dixon
Momentum Real Estate Group LLC - Marietta, GA
55 & Over | New Constructions | Horse Farms

Chris & Dick - I'm amazed too!  I'm a stickler for reading everything.

Tammy - that's my preferred method as well.  If I have to, I will read it to them over the phone just to make sure they understand before they sign.  This actually came up for me recently on a new construction contract that referred to Stip #9...couldn't find it anywhere.  UGH!

Jun 01, 2015 01:01 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Fast is great.  Easy is wonderful.  Accuracy is PARAMOUNT......love this post and agree with you 100%.  Latest isn't always the greatest!

Jun 01, 2015 06:07 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Jenna. It is unfortunate that some folks will literally sign whatever is in front of them and then find out what it says when there is a problem.

Jun 01, 2015 07:52 PM
Jenna Dixon
Momentum Real Estate Group LLC - Marietta, GA
55 & Over | New Constructions | Horse Farms

Roger - thanks and obviously, I agree, latest isn't always greatest.  Kim Kardashian, for example.  Marilyn was much better!

Joe - it surprises me too and yet I witness it nearly every day.

Jun 01, 2015 08:58 PM
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

If it's a first time buyer, I print out all pages of the contract and meet them in person to go over line by line what they are signing. Once that's done and if we are accepted, any counter offers or addendums I give them the option to meet in person or electronically sign. If it's a veteran home buyer or seller I simply ask them upfront if they want to meet me in person or if they just want to electronically sign everthing. 

Jun 03, 2015 12:21 AM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?