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Read The Contract But Not Literally

 Read The Contract But Not Literally

 

 Some of the terms written in our contracts are not to be taken literally. Recently wrote a post about "broom clean". 

If that term was taken as written... a big old push broom through the property would be all that is needed to comply with the contract. 

 

How about the paragraph 7(d) in the Maryland Residential Contract Of Sale

'The purchase price less any and all deposits shall be paid in full by Buyer in cash, wired funds, bank check, certified check or other payment acceptable to the settlement officer at settlement.'

 

 Suitcase of money

 

There are title companies that will only accept wired funds?

Curious...have you ever had a suitcase of cash at a closing table?

 

 Read The Contract But Not Literally !

 

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Comment balloon 16 commentsMargaret Rome, Baltimore Maryland • December 04 2015 08:42AM

Comments

Our Title companies don't accept cash, that I know.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) almost 3 years ago

Lottie Kendall Our title companies have never been able to accept cash..at least not in the past 25 years. Some will no longer accept any kind of check including personal or certified funds.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) almost 3 years ago

Margaret Rome, Baltimore Maryland  I remember a settlement many years ago when the buyers came with $20 bills and were very upset when the title clerk wanted their SS#  ..Thankfully we do not see this anymore

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) almost 3 years ago

Yes, I have had a closing that was all cash.  It was years ago and the amount was $136,000.  I was a little freaked out at the time.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) almost 3 years ago

 Good morning Margaret. I would imagine how odd this would be to see somebody walk into a closing with the suitcase of cash.

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) almost 3 years ago

If I were the buyer (or seller), I wouldn't want to be dealing with cash.

You're right - some of the wording in contracts, taken literally, don't make sense.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) almost 3 years ago

Imagine showing up at a closing with this.....I'd hate to be the guy that had to count it!

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) almost 3 years ago

Margaret, I think that "broom clean" is all that is required - of the house, the oven, the fridge and the bath tub!

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) almost 3 years ago

Good morning Margaret. Seems like the contract needs some updating! As a loan officer for a Savings and Loan many years ago, had a lady bring $30,000 in cash in grocery bags to a closing! She rode the bus! Oh those days gone by! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) almost 3 years ago

Wayne Martin oh my, that is a closing not easily forgotten. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) almost 3 years ago

Margaret, our forms committee took those words out of our contract, and says in the listing agreement to leave the property in the same condition as when a contract was received, with normal wear and tear. 

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) almost 3 years ago

Joan Cox So your contract does not even say frre of debris? 

 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) almost 3 years ago

I have never had a closing with cash at closing from reading your comments I see it has happened in the past. Thanks for sharing I hope you have a great weekend.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) almost 3 years ago

Pat Champion It does not happen often but is hard to foget. Thanks for stopping by. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) almost 3 years ago

                   "THIS NOTE IS LEGAL TENDER

             FOR ALL DEBTS, PUBLIC AND PRIVATE"

Every piece of U.S. currency says that Margaret Rome, Baltimore Maryland and it peeves me greatly when someone refuses to accept it from me.   It seems they must be violating Federal law but it happens all the time.

Posted by DEANNA EARLY - ( NMLS #268590 ), Virginia Mortgage Loan Originator (American National Bank and Trust) almost 3 years ago

Deanna Early Now who would have the audacity to not  accept your money??

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) almost 3 years ago

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