Never a dull moment in Real Estate #12

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The offer we received on one of our listings was “Contingent upon receiving a fully executed contract on buyer’s property by August 15th” in this offer it was also stated that closing day for our property was August 11th. I have to admit, this one took me a while, to me executing a real estate sales contract means Closing. So my initial thought was, they mixed up the two closing dates. Meaning seller (our buyer) will close on their property 8/11 and on our 8/15. But no, that was not it. Long story short, what the buyer was trying to say and that is also how the seller understood it, was that the buyer will only go ahead with the purchase of our listing if he has received and accepted an offer on his current property before closing on ours. Well if we close on the 11th than how can I have a contingency for the 15th? It all ends at closing, so, what are they thinking? They will buy on the 11 and if they have no offer by the 15th on their property, they just give it back? So this was the first mess, but we are not done yet, in the buyer’s and seller’s mind “a fully executed contract” was actually an offer. (Well, in my mind a fully executed offer becomes a contract, and a fully executed contract is closing) I will spare you the rest of the story and what it took to straighten out his mess; I just want everybody to understand. Sellers, buyers, none of them are lawyers. It is one thing to fill in the blanks or add standard addenda but please when you add your own “thought” to a contract to purchase real estate, make sure you know what you are doing or saying, if you only have the slides doubt, call a lawyer. In this particular case, buyer and seller went out of their way to create this mess, if they had listened to my agent we could have simply used the standard addendum, “Contingent upon sale of buyer’s property

 

 

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