"Key Take-aways" About Contracts
Updated: Apr 22, 2022
Last week I took a course called "contract bootcamp". Obviously, the main topic was writing and understanding real estate contracts. The course was geared towards established professionals, however there was a few key take-aways that I think would be useful for everyday consumers, wheather you are a first time home buyer, investor or Realtor.
Get everything in writing. This goes for the agent, client and consumer. It's easier to remember important topics and information if it's written down, plus it helps keep your brain organized. Paper trails are also helpful if things ever end up in courts
Use a lawyer. Every Realtor will tell you this, and you may think you know more than you actually do so you ignore them but bottom line, it's better safe than sorry. Buying or selling Real Estate is a big deal, and things can be missed. Just get your lawyer to double check things such a documents, contracts and forms for your own peace of mind.
Make it easy. This statement comes with caution. By easy, I don't mean simple. Buying or selling is serious and complicated, but don't make it difficult for the other party. If you are the seller, clean up your house, do some landscaping, be easy to contact. Make it an easy yes and an easy sell. If you are the buyer, know your wants and needs and know your ceiling because when it comes time to write and negotiate, the seller does not want to deal with you going back and forth with your spouse, or wait for you to get documents together. Make it easy for them to say yes
Avoid Surprises. Save these for birthday parties and Christmas gifts. Tell your Realtor everything you know. Give them all the angles. They are duty bound to be honest with you, hold yourself to the same standard and the buying or selling process will be smooth and painless. Although, I say "avoid" because some surprises are legitimate and no-one saw them coming, that's fine, but can still cause a deal to die but at least everyone has a clear conscience.
Assumption of Risk. A common misconception is that risk is assumed by the buyer on the date of possession, however this is not true. The "assumption or risk" is not passed onto the buyer until date of completion. Hopefully, this will never be important information for the everyday seller or buyer to remember, but now you know... just in case.