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It's All Negotiable BEFORE You Sign

 

When writing a contract everything is negotiable before you sign. The contract for a listing is 15 pages, the contract for a sale can be as many as fifty.

After the contract is signed and you want to negotiate, it may not be easy. Contracts are legal and binding and you may need to seek legal counsel.

Most of the time your answer is right in the contract so make sure you not only read it, but understand what you are signing.

 

Here are some points in the  listing contract.

The listing has a length of time, when it begins and when it ends,  how the property is shown and commission.  There is a starting date, an ending date and a provision for the termination.

 

And many more points in the sales contract.

 At the top, of our Maryland contract, is a Time Is Of The Essence clause. Dates must be followed.

Settlement date...if there is a change, it must be agreed in writing by both parties.

Home inspections have a date to be performed, a date to get the requested repairs to the seller and dates to respond. There can be negotiations and interpretations of the inspection process. 

Appraisals must be ordered by the lender within a certain date.  Financing and approval also have dates.

Negotiation is not always about price. It could be about terms, dates, repairs, settlement, what was included/ excluded and a myriad of other items. Does the gas grill stay, does the Tiffany lamp remain...was it in the contract as opposed to but I thought. 

 

It has been said that before you sign...it is called negotiation.

After you sign it is called begging.

 

 

Margaret Rome

 

 

 

 

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Comment balloon 12 commentsMargaret Rome, Baltimore Maryland • July 23 2017 03:17PM

Comments

Excellent reminder!  When I was new ro real estate, I would ask questions of my broker and he always said, "What does the contract say?"  I used to jokingly say if I wanted to read the contract, I would have...but it didn't take long to realize the wisdom of the constant reminder. 

Posted by Susan Haughton, Susan & Mindy Team...Honesty. Integrity. Results. (Long and Foster REALTORS (703) 470-4545) over 1 year ago

Susan Haughton 

What does the contract say? Great wisdom and the way to teach a new agent!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

Fifteen Pages? Fifty pages? My word.  Our listing agreement in NH Margaret Rome, Baltimore Maryland is two pages and our purchase and sale form is five pages.  Even I can read them, but I still advise clients to run the paperwork by an attorney.  I get  your point, though.  Gotta know what's in the docs BEFORE you sign them. Our buyers and sellers can re-negotiate the "subject to" provisions.  Reading  your posts is always enjoyable.

Posted by Randy Hilman, Associate Broker, What Matters to You, Means Everything to Me! (Randy Hilman Homes) over 1 year ago

Margaret - several years ago I listened to a tape about selling to different ethnic groups. According to the speaker, the people in some cultures believe the contract is the starting point for negotiations. He was cautioning real estate people to be very careful and very clear in dealing with those folks - to make sure that they understand that the contract is a legally binding document.

I wish I could remember that speakers name, but all I remember was that he said he was Chinese, born in America, and spoke English and Spanish (Thanks to the LA school system.)

Posted by Marte Cliff, Your real estate writer (Marte Cliff Copywriting) over 1 year ago

Good advice, Margaret.  I also found the comment #4 by Marte Cliff, to be very interesting.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 1 year ago

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!    

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 1 year ago

Thank you for the post. I will bookmark it and share it with others.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 1 year ago

Great agents make sure their clients understand the terms BEFORE they sign.  Don't you wish all agents were as diligent as us?

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) over 1 year ago

Too many times they just want to sign and say "I trust you."  That will always come back and bite you (and them.)

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) over 1 year ago

Margaret Goss  I love when they say...just show me where to sign...I trust you.

But many times they are saying this to people who should NOT be trusted.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

Margaret thankfully there haven't too many times when buyers come back around and assume something conveyed with the contract but when they do it's always - well let's see what the contract says!

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 1 year ago

Anna Banana Kruchten, CRS And it is nice to have the contract to refer back to.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

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