Historically, most home sales were “negotiated” using standard preprinted contract forms provided as a service to real estate agents and brokers by their local Board or association. Also, traditionally, these contracts of sale were written on terms strongly favoring their client, the seller.
Times have changed. Today, buyer’s agents are utilizing “pro-buyer” forms available through the same Boards and associations or prepared specifically for them by their legal counsel. Make certain that your buyer’s agent uses such a form contract which protects your interests as a buyer.
Also strongly consider having an attorney, your attorney entirely on your side, review these pro-buyer form agreements. Have him or her review and if necessary, amend these forms to fully protect you. While no one will require you to use the services of a lawyer, to do otherwise when negotiating one the largest purchases of your life time would be risky at best, foolish at worse. A good, experienced, real estate lawyer will not only get you out of trouble, more importantly, he or she will help head off trouble before it starts. Do not expect a lawyer to give advice on price, however. Most lawyers are reluctant to do so, and would rather have a real estate appraiser or broker counsel you on this aspect of the transaction.
I know that you believe that you understand what you think I said, but I am not sure you realize that what you heard is not what I meant.
– Anonymous
A good rule-of-thumb and mindset for a buyer is: assume nothing. Get it in writing. Trust, but verify — in writing. This will avoid problems later in the transaction and even afterwards.
There are some people that if they don’t know, you can’t tell them.
– Louis Armstrong
