So, you are buying or selling a home and can't believe all the paperwork required! Well, be glad you have that paperwork. It protects you should something go wrong.
For instance, you are a buyer and find that there are 5 major issues with the home you are purchasing during the inspection. You write up your list of repairs and give it to your agent. Your agent passes this info on to the sellers agent who says "No problem" but never actually has the seller sign the form and return it to you.
Now, it's 3 days until closing and you find that none of the repairs have been completed even though you asked and everyone said "No problem"! Should have got it in writing!
Let's say you are the seller and the buyer agrees to give you 25 days after closing to stay in the home until your new home is ready. No one bothered to get it formally agreed to in writing. At closing, the buyer decides he needs to move in today and insists that you move out. Should have got it in writing!
All that fine print and wording in the contract is there to protect you. It clearly states the terms each party must follow and offers each protection in case the other party doesn't follow through. Take 5 minutes to get it down on paper and have all the parties involved sign so everyone is clear on what is expected. It could save a lot of headaches later!
For instance, you are a buyer and find that there are 5 major issues with the home you are purchasing during the inspection. You write up your list of repairs and give it to your agent. Your agent passes this info on to the sellers agent who says "No problem" but never actually has the seller sign the form and return it to you.
Now, it's 3 days until closing and you find that none of the repairs have been completed even though you asked and everyone said "No problem"! Should have got it in writing!
Let's say you are the seller and the buyer agrees to give you 25 days after closing to stay in the home until your new home is ready. No one bothered to get it formally agreed to in writing. At closing, the buyer decides he needs to move in today and insists that you move out. Should have got it in writing!
All that fine print and wording in the contract is there to protect you. It clearly states the terms each party must follow and offers each protection in case the other party doesn't follow through. Take 5 minutes to get it down on paper and have all the parties involved sign so everyone is clear on what is expected. It could save a lot of headaches later!