Did You Read the Contract?
Did you read the contract that you signed?
And just as important - did you understand it?
Let me start with the usual disclaimer – I am not an attorney, don’t want to be, and can’t offer any legal advice on real estate contracts here in California. But I do want to share some thoughts on some past experiences surrounding them– take ‘em or leave ‘em.
The California Residential Purchase Agreement (RPA) is a complicated document – no doubt that’s true is other states as well. I suspect there are few who actually read this word for word. But I’ve found that a good number probably don’t read it and just sign away, including not looking at the information that is filled in, in addition to the boiler-plate clauses covering due diligence, buyer and seller rights and obligations, contingencies.
There are multiple instances where information must be filled in, if appropriate, and you are wise to make sure you agree with that information, and understand what it means. Once both parties (buyer and seller) have signed you have a binding contract. And it could get dicey if you later realize you were not aware of all that you were signing, or didn't understand.
Some things I’ve seen:
- Buyers not asking for appliances they wanted left by the sellers (you cannot rely on the MLS) – don’t assume
- Buyers not listing items they wanted taken away (e.g., a refrigerator, a washer and dryer)
- An insufficient dollar amount of the Home Warranty the buyer requested the seller to pay
- Not asking for a Wood Pest Inspection when they want the seller to provide one or clarifying who pays for what
- Incorrect dates (e.g., contingency period)
You get the idea. It’s a little hard to argue “I didn’t know” when your signature and initials are plastered all over the contract.
Even though your agent might have prepared it, mistakes get made, or your wishes might not be represented if you aren’t aware of what the contract says and don’t say something.
Did you read the contract?
The same holds true for sellers, of course. It’s easy to miss something the buyers insert, or don’t insert, in the agreement that you do not agree with. Just one example - I had a seller sign my buyers’ purchase agreement where the refrigerator was included when the seller had fully intended to take it, but didn’t state so (and the MLS was wrong, too). Guess what?!
Did you read the contract?
And, did you understand it?
If you have legal-related questions about the contract, be sure to consult a real eztate attorney in your state.
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