Initials from both parties? (buyer's agent, contracts, closing, terminate)
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On an amendment, do both parties have to initial for it to be valid if there is modification to the amendment? Say buyer's agent sent in an amendment to change closing date to 12/2/16 (from 11/23/16); sellers crossed out 12/2/16, handwritten in 11/23/16 and put their initials there and signed the form (buyers already signed their part.) Which date is legal when it comes to where sellers want to terminate the contract when 11/23/16 came due and the house is not closed then etc... This is just a make up example. I am newbie hence the question for my knowledge. Thank you.
All parties must sign all changes in a contract. No party can unilaterally make a change in a contract without the other party agreeing and signing it.
This is for learning and research. I don't want to bother my broker unless I have to.
It's not a bother, you can text , call or email them. It's your right to know how things are being done on such and important purchase/sale. I prefer email because you have a paper trail that can't be lost. If something is a potential problem you better resolve it before it becomes a big problem.
I got you. Come from an IT background, I just want to learn, read up and be prepared hence the question. I am sure when it comes to actually doing it, I sure will contact my broker.
Learning about the ins and outs of contracts and what is required is NOT bothering your broker. Your broker should be making sure you learn these things by providing training. It's ultimately her license that is on the line here.
Learning about the ins and outs of contracts and what is required is NOT bothering your broker. Your broker should be making sure you learn these things by providing training. It's ultimately her license that is on the line here.
Ditto. If your broker isn't available, helpful, or knowledgeable get a new one.
The main thing you need to keep in mind is that much of real estate, like life, is "common sense".
For example, say you agree to buy a car and you agree to 0.9% interest rate for 4 years. The dealership can't then say "deal" and then change the rate to 3% for 2 years because that's not what you thought you made a "deal" on.
If one party changes something in a real estate contract, the other party must agree and acknowledge the change as well.
Contracts require a "meeting of the minds" in order for them to be binding. Once a party scratches something out, a meeting of the minds didn't happen. So if a seller scratches something out, the buyer has to initial it as well otherwise it isn't binding as there was no mutual agreement.
This is contracts 101 and I'm very concerned that you aren't solid on this after passing your real estate exam.
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