Make Sure Your Contracts are in Writing

From time to time while negotiating a real estate contract, an agent might try to make a verbal offer on behalf of their client. This is not only bad practice, it is not enforceable. Many reasons can be given why an agent tells you that they need to make an offer verbally - none are good enough to not have it put in writing. During the course of negotiating a sale of real estate, many smaller items do arise and information exchanges can take place to help either party decide what their next course of action should be. When the time comes to make the decision about what to offer or ask for in the transaction, you must make that offer in writing or it is as if it never happened. Do not let someone tell you that it is fine to just converse verbally during the counteroffer process. You never know when something might go wrong in a transaction and if there is no paper trail, how will it ever be sorted out?

During a continuing education class right after I received my real estate license, the course instructor put it this way.

"A verbal offer is only as good as the paper it is written on"

I have not forgotten the importance of this statement.

Here are a few pointers to remember:

Protect yourself by ensuring that everything that you want in your real estate transaction is conveyed in writing.

Every change to a contract must be in writing.

Giving notice every step of the way during a transaction when a change is made or an acceptance is given must be in writing.

When in doubt, put it in writing.

You must make sure that your interests are protected in a real estate transaction. By ensuring that everything is in writing, you will be able to protect yourself in the event something goes wrong.

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