There's No Such Thing As A Standard Contract!!

By
Real Estate Agent with Diamond Realty & Associates

I was asked a few questions the other day by a homeowner.  The questions were like, "What is the standard deposit for a buyer when an offer is made for the purchase of a home?" or "What are the provisions of standard Louisiana real estate contracts?"  Well, the answer is, there is no such thing as a standard contract!  Every real estate contract is different.  Yes, it is true that some real estate agents chose to follow some sort of "standard" or "typical" way of writing their contracts, but the truth is every contract is as unique as a person's thumbprint.  If a real estate contract form is written and both the buyer and the seller have signed it, it no longer matters what the "standard" provisions are.  Yes, it is true that all Realtors in the state of Louisiana are required to use the same Louisiana Residential Agreement to Buy or Sell Contract.  However, there are several lines on the 5th page dedicated to "additional terms and conditions".  Additional terms and conditions is the opportunity for the person dictating the terms of a contract to override or void out unwanted provisions within the document.  This is why I review every contract for real estate purchase with every single client that I have and require them to ask at least 10 questions before signing.  So, if I am reviewing a contract with you and you cannot think of any questions to ask regarding the contract, you'd better make something up or I will not let you sign it!!

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