beware of verbal agreements
Published Mar 26, 2007 by Judy Marciano | E-mail this post
Advise to sellers - many times when a seller and a buyer have realtors and negotiate a deal, there comes a time when the buyer wants to speak directly to the seller about some innocent aspect of the deal. The next thing you know, the sellers attorney gets a letter from the buyers attorney stating that the sellers agreed to give warranties, throw in some window shades, leave a piece of furniture,close on a earlier or later date, etc., all of which was unclear to the seller. And as a seller you may not have agreed to these things but only "discussed" them. It is very important that if you are using the services of a realtor and attorney, that you allow them to do their job and let them do the communicating and negotiating for you once the contract has been signed. Talk to your realtors during the initial writing up of the listing agreement and specify any inclusions or exclusions so there is no misunderstanding when you get to the closing table. This should help to avoid any questionable items right at the beginning of the process. And as a buyer, when you meet with your attorney during the attorney review period, make sure the rider specifies anything that you believe is included in your purchase but doesn't seem clear in your initial contract. It works both ways.