{"id":3171,"date":"2017-10-15T19:37:48","date_gmt":"2017-10-15T23:37:48","guid":{"rendered":"http:\/\/dankrell.com\/blog\/?p=3171"},"modified":"2020-10-20T08:45:42","modified_gmt":"2020-10-20T12:45:42","slug":"real-estate-contract-knowhow","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2017\/10\/15\/real-estate-contract-knowhow\/","title":{"rendered":"Real estate contract know-how"},"content":{"rendered":"
\"real<\/a>
Do you know real estate? (infographic from househunt.com)<\/figcaption><\/figure>\n

When I started selling homes almost sixteen years ago, a typical real estate contract (with addenda) may have been about twenty pages.\u00a0 My mentor used to pine about the two-page contracts he used when he started in real estate.\u00a0 I used to think he was exaggerating, but I found that he was actually telling the truth.\u00a0 It is true that real estate contracts have evolved and become quite lengthy through the years. Today, our local Realtor<\/a> contract with addenda can exceed sixty pages!\u00a0 As much as it may sound like a chore, you should take the time to read and understand the real estate contract you are asked to sign.<\/p>\n

In today\u2019s world of convenience and digital everything, electronically signing your real estate contract may seem like a time saver.\u00a0 Real estate apps make it all too easy for your agent to email you a boiler plate contract and ask you to click the mouse to sign it.\u00a0 But do you really know what you\u2019re signing?\u00a0 More importantly, does your real estate agent know<\/a> what they are asking you to sign?<\/p>\n

A typical Realtor contract is a legally binding contract once it is ratified and delivered to all parties.\u00a0 That means there are potential consequences for not doing what you agreed to do.\u00a0 Don\u2019t solely rely <\/a>on your agent for an explanation of the contract, they may not fully understand it or its nuances.\u00a0 As pedestrian as it sounds, read through the contract before you sign it.\u00a0 Reading the contract will inform you of the terms and conditions to which you\u2019re agreeing, which include your obligations and contingency timelines.\u00a0 Reading the contract will also alert you to any errors and you need clarified.<\/p>\n

The terms and conditions of your real estate contract are more than just the sale price and closing date.\u00a0 Both the home buyer and seller have obligations in our local Realtor contract.\u00a0 A few of the many obligations <\/a>included in the terms are: settlement, obtaining financing, delivering a \u201cclean\u201d title, and providing access to the property.<\/p>\n

Are there contingencies<\/a>?\u00a0 Typical real estate contract contingencies include financing, appraisal, and various inspections.\u00a0 However, other contingencies may be included too, such as the buyer\u2019s home sale, the seller finding a home, third party approval, or even reviewing the county or city master plan.\u00a0 The contingencies you choose may vary depending on your situation.\u00a0 Contingencies are time limited.\u00a0 The contract describes how each contingency is met as well as timelines for completion and description of giving notice and responses.<\/p>\n

Although the Realtor contract has become increasingly lengthy, it has become more standardized (at least in my area).\u00a0 In the past, local agents needed to know or find out the contract and addenda requirements for multiple counties and cities, much of the time falling short.\u00a0 Today, the Realtor contracts and addenda we use in Maryland are mostly consistent with each other, making it easier to put together and understand.<\/p>\n

Make sure you are comfortable with the real estate contract you are signing.\u00a0 You should ask your agent to take the time to sit with you and review the contract before you sign it.\u00a0 If you\u2019re a first-time home buyer or seller, getting the one-on-one review will allow you to ask questions about your obligations and the process<\/a>.\u00a0 Even if you have bought or sold a home in the past, reviewing the contract with your agent will make you realize how times have changed.\u00a0 Since the contract is a devise, always consult with an attorney for legal advice.<\/p>\n

Copyright\u00a9 Dan Krell
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\nDisclaimer<\/a>. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

When I started selling homes almost sixteen years ago, a typical real estate contract (with addenda) may have been about twenty pages.\u00a0 My mentor used to pine about the two-page contracts he used when he started in real estate.\u00a0 I used to think he was exaggerating, but I found that he was actually telling the … <\/p>\n

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