Plano Texas Real Estate Blog - Local Plano Real Estate.

 Your Contract Needs to be Executed & Enforceable!  

   

As Real Estate Agents.... 

we deal with contracts on a daily basis and when you do it year after year you really learn alot about clients, lawyers and other real estate agents. Contracts are always changing and our state real estate commission writes our promulgated forms (written by Texas and appointed lawyers for the safety of the public). Since these forms are always being rewritten, it is a real estate agents duty to stay informed so we can protect our clients with a fiduciary responsibility.

Some forms are good for buyers and some are good for sellers and not all need to be used for certain things, for example the Mandatory Home Owners Association form does not need to be used, but most agents go ahead and use it for buyers...Guess What!  This form is not good for SELLERS, due to recent changes made to the form. There are other ways to request this information from the seller. An experienced and good agent will know how.

The one thing we see when working some contracts between a buyer & seller, is that the parties are in such a hurry to complete the transaction that not everything on the contract is complete, sometime blanks (for timelines) on promulgated forms are not filled in properly, signatures and initials missing.  Your Realtor should be checking for full & correct execution of a contract. If everyone agrees to agree and contract goes to escrow you do have an executed contract and the timelime starts, but if initials are not complete on any page of the contract, it is not enforceable, meaning if buyer decides not to buy or your have to go the mediation or asking to get the buyers earnest money for taking you home off the market, you will not have a valid contract that protects you financially.

Yes...something as simple as not having both initials signed off on on a contract means it is not enforceable.  Make sure your agent is detailed and protects you from this small but powerful detail.
We stay on top of all contract changes made by our state by attending mandatory continuing education classes and attending contract update classes frequently. We know CONTRACTS!

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