A daunting document for agents and consumers alike, The Pennsylvania Association of Realtors’ agreement of sale has only grown in length over the years.
I wish I had more confidence that consumers fully understood what they were signing when they put pen to paper. Disagreements arising from real estate sales often involve assertions that the contract was not thoroughly explained.
People should refuse to sign anything that is not crystal clear to them.
Consumers often complain that the paperwork has become too complicated. The documents we use are constantly reviewed at the state and local levels and most alterations reflect changing laws.
In Pennsylvania, we use a “fill in the blank form” approved at the state level. In addition, our Code of Ethics warns against “practicing law” so we are limited in what we can add to the standard form. The essence of the agreement is that it records the details agreed upon by the parties.
By making an offer, negotiating it and accepting a final version, both parties agree to perform certain tasks necessary to protect themselves as well as to satisfy the needs of the other.
Ironically, many of my older clients have commented that the current contract is less binding than a good old-fashioned handshake “back in the day.” Does a signed document really bind both parties?
For the rest of this article, including links, please reference the original on Inman.com by clicking HERE.