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REPC 14: Makes a Complete Contract? (Episode 44) S3 E14
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How do you know you have a complete and binding contract? What's a dual contract and an incomplete contract? How do you avoid them?
0:54 - Story time with Jason. FHA amendatory language addendum that a builder doesn't want to sign until near closing (because it gives the buyer a veritable "get-my-earnest-money-back-for-free" exemption). See our episode on "Addenda" for more info: https://youtu.be/ZoVXSjSk_qg?t=150. Do you have complete contract if everything EXCEPT the FHA addendum is signed?
1:41 - It depends on whether there's a signed addendum stating that the FHA addendum will be signed.
1:59 - "Complete Contract" is what you're after. Texts and emails do NOT constitute a contract.
2:28 - If it's in writing, it's enforceable in court, but do you want to go to court with a complete contract, or with a contract, 4 emails and 15 texts? As always, no one cares about the contract UNTIL there's a disagreement, then it really matters what the contract is and what it says.
3:15 - What's the worse thing that can happen? A Dual Contract. That means you have two contracts on the same item for different prices...also known as "fraud."
4:20 - The most-common dual contract is when you present one contract to the lender, and another for what's really going on. That's known as the f-word in real estate...fraud.
5:08 - Complete contract allows for other self-contained contracts, like a bill of sale or repair agreement.
5:38 - What did we learn today?
7:14 - Bloopers.
*No complete contracts were harmed in the filming of this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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