Tim’s Two Cents – Are You Ever Skeptical When Signing a Contract?

A contract is a promise to do something. Your execution, signature, is your handshake and promise to perform and exercise good faith in seeing the agreed upon through to completion.

I have watched our contracts, addenda and disclosures grow and grow in size over the last 21 years. I am still amazed at how many brokers and their real estate agents have absolutely no understanding or even an interest in reading and familiarizing themselves with our contracts and additional forms. This part of the business is constantly changing. As the advisors to, most likely, your largest asset, don’t you think it would be a great idea to enlist the guidance of an experienced professional who can help you decipher what you are signing and committing yourself to as a party to the agreement?

The California Residential Purchase or Listing Agreement are our two most widely utilized contracts to help buyers and sellers map out what all parties involved intend to do during a transaction. It may appear exciting on the Reality Real Estate TV shows to instruct your client to initial here and sign there, followed by a congratulations wish letting them know that they have just purchased a new home. After all, 45 minutes explaining the contract section by section in laymen’s terms does not make for great TV viewership. I see the point in time when we gain acceptance of an offer as just the beginning of us demonstrating our value and know how to work towards a successful sale.

We take the time with every buyer and seller at the onset of a new transaction to review each section of the contract . This is what you should expect when hiring a professional to represent you. Most of your questions, concerns and anxiety could be alleviated through understanding what you are signing and committing to. Real Estate attorneys have helped to create and modify these forms based on the intention to minimize disagreements between parties and reduce lawsuits. You will also gain a perspective of the transactional outline and timeframes for all during your transaction.

Brokers and agents have a lot of resources at our finger tips to assist with helping us to be the experts at understanding and explaining our forms. It just takes someone with the interest and someone who understands the important responsibility of setting time aside to be educated on the contracts and forms as Kristine and I are on a regular basis!

I am humbled and flattered to be one of a select few ELITE Real Estate Brokers chosen to represent the San Diego Real Estate community on stage, May 26th at the Sales Mastery 2016 Live Event at the San Diego Convention Center. I will be sharing some of my valuable insights that have contributed to my full time, every day, bull and bear market successful career spanning more than two decades so far! One of my topics will be the importance of knowing the contracts, the road maps for success in any transaction. If you are interested in attending the event, which will be hosted by Craig Sewing, local consumer advocate, radio host of the Craig Sewing Show and host of The American Dream TV Show, please contact me directly and I will provide an avenue for you to get a free seat!

So rest easy and hire a professional with a long history of successful closings. This is your largest asset, a business transaction, after all, and the decision with whom to work with should be based on those facts not your desire to help someone by letting them attempt to figure it out along the way!

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Skoglin