I have written a short test so you can test yourself. It is better to test yourself here instead of between contract and closing when a question comes up and the other Realtor says, "According to what your customer agreed to in the contract...."
Take this test and answer the questions by quoting the contract form that you usually use.
What if the house has termites?
If we have a escrow dispute, how do we settle that and who pays those expenses?
What if I don't qualify for the loan? Do I get my deposit back?
What if the seller backs out, what does the buyer get?
If I am the seller, when do I get my money? Is that in the contract?
If the house is empty, who turns on the utilities for the inspections?
If there is a small kitchen fire between contract and closing is the buyer still bound to close? Who pays for those repairs?
If it says one thing in the fine print and the opposite in the handwritten addendum, what wins?
If the survey reveals an encroachment, what happens?
Are the HOA fees mentioned in the contract? How do I know for sure how much they are?
Here are ten questions. I could write twenty more. What I want you to realize is that you have to understand this document. Your customer is agreeing to lots of things. I am sure there are people reading this article that have never read the contract that we use every day.
If there are things you don't understand, get more training. Things you don't understand will get you sued or get your Florida real estate license suspended. This is very important.
If you are a sales manager or team leader, ask your team to answer these questions from the contract.
If you need in help or want some additionial training, call me at Climer School of Real Estate at 407 822 3926 or http://www.climerrealestateschool.com/ . This is important.
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