3 Things You Must Know Before Signing a Real Estate Contract
First, remember that every single term of a contract is negotiable. Don’t listen to any idiot who tells you it’s a standard real estate contract, you can’t negotiate. When, I mean every single term I mean, every single term is negotiable, and you can add or delete anything you want. If the contract says you have to pay a deposit in 10 days and you want 23 days, you can change that. If the contract says you have to pay for closing costs and you don’t want that, cross out those terms. Next, make sure you understand every term. If you’re confused, say that you need a specific example put in the agreement. For example, if the contract says the house is as is and you are not sure whether they have to fix something that’s already broken and they know about it, you can say, for example, no matter what problems the house may have, the seller has no obligation to fix anything, even if the seller knows the item is in need of repair. Next, make sure that the contract states that no changes can be made to any part of the contract without the change being made in writing and signed by the parties. That’s that modification clause concept. This eliminates claims of people claiming there’s an oral agreement or some other term that needs to be modified. Consult your local business lawyer for the best advice for your contract.