Contract and Legal

Take great care and consideration when composing your contracts and counter-offers. Every word, phrase, and clause has meaning and carries legal consequences enforceable in the courts. Obtain the assistance of an attorney if you are unsure of yourself or turn the transaction over to a professional Realtor.

Real Estate Purchase Agreement

The purchase contract spells out the price, terms, obligations, and rights of each party. Be careful when a contract is being presented by the buyer. It may slant all rights to the buyer and leave you vulnerable. Carefully review your obligations and any buyer "outs".

Counter Offers

Many buyers fancy themselves as sharp negotiators and look for an extreme bargain by targeting FSBO sellers. Don't be put off by an unreasonably low offer. Instead, counter with a price and terms more acceptable to you. Watch deadlines so that offers and counter-offers don't expire.

Contract Tips

• Be specific - could a judge understand exactly what you mean?
• Don't agree on "future" agreements - it makes the contract voidable.
• Limit your contributions - Don't say "seller to fix bathroom floor." Say instead, "seller to pay $300 toward bathroom floor repair."
• Spell out inclusions and exclusions. Be specific.
• Obtain a sufficient earnest money deposit.

3 Responses To Any Offer

1. Accept the offer as it is written.
2. Counter-offer with terms and conditions more acceptable to you.
3. Reject the offer outright.

We recommened to always try and make an offer work and not just reject it, no matter how unacceptable it is to begin with.

*FSBO (pronounced fizzbo) - For Sale By Owner