Flip Flops on Verbal Contracts

May 30th, 2008 categories: Real Estate Buying, Real Estate News, Real Estate Selling

This weekend I’m attending real estate/relocation meetings. The agenda arrived with a note indicating the dress code was very casual. In my mind very casual dress code means cargo pants, t-shirts and flip/flops. Flip Flopping Away

I called another attendee to reaffirm flip/flops and she was thinking- flats not heels for the meetings. Oh oh.

Without a common point of reference, it’s very easy to misinterpret the real definition of very casual. Imagine how hard it would be to decipher the real meaning if I had just heard about the dress code from via voicemail?

Yet everyday, well meaning buyers and sellers make verbal agreements on all sorts of contract items through their real estate agents.

Their intentions are good. People are busy and it is often difficult to print an addendum, sign the change and then send it on to the next party for signatures.

But remember the old saying…”Verbal contracts are as good as the paper they are written on!”

Play it smart- get any and all agreements in writing. Then, if there are any questions or problems- the buyers and sellers have a common point of reference to resolve the problem. Verbal commitments are not binding and some (not all) people turn into flip/flops when there are required to execute the verbal agreement.

Tie up every item in the purchase contract with initials and/or signatures- and eliminate problems.

Take the time to initial (or sign) and date any changes to the purchase contract. If you haven’t decided on who is going to represent you in your next real estate deal and would like to talk- call 513-300-4090 or send an email.