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Andrew Cooper (Other)

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Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

You had better know every part of the contract inside and out and know how to properly explain it to a client.

Feb 19, 2019 11:20 AM
Rainer
117,135
Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

I think that is the most important thing as an agent- since you will be representing clients and asking them to sign contracts... You need to know what they mean- an what that means to the client.

Can they back out of a deal without penalty? what inpsections are included, who is paying ofr what? what is agency, etc. 

Feb 19, 2019 11:10 AM
Rainmaker
1,311,772
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

If you cannot give satisfactory answers about questions regarding the contract, your clients will wonder about your possible lack of knowledge in other area, also. You need to know enough about the documents that you present to a client to answer their questions without crossing the line into giving legal advice. 

Feb 19, 2019 11:11 AM
Rainmaker
2,390,787
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

It depends on what you consider familiar Andrew Cooper . You should be prepared to answer clients questions about it intelligently.

Feb 19, 2019 11:36 AM
Ambassador
3,587,960
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Extremly vital....study that contract forwards and backwards. And your broker will be there to guide you as well. Remember to always ask questions!  There is so much to learn the first 5 years! Good luck!

Feb 19, 2019 01:57 PM
Rainmaker
7,836,873
Roy Kelley
Retired - Gaithersburg, MD

You need to be able to explain everything in the contract. You may need to take some local classes.

Feb 19, 2019 11:21 AM
Rainmaker
1,374,484
Joyce Marsh
Joyce Marsh Real Estate LLC - Daytona Beach, FL
Joyce Marsh Homes

Of Course! You need to know the contract and all documents inside and out, up and down, and sideways.  Study, review, and then study and review some more.  Make sure you understand completely.  

Feb 19, 2019 12:57 PM
Ambassador
2,178,703
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

You do need to be familiar with EVERY part of the contract because you need to be able to give a factual answer about what they are signing.  I have heard stories of some horrible (untrue answers) to client questions.  When it comes to contracts, you can't fake it til you make it.

Feb 19, 2019 12:08 PM
Rainmaker
508,318
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

Not only do you need to know what every clause in the contract says, you need to practice the explanation so that you look like you are an expert. It will help your confidence as well.

Feb 19, 2019 12:04 PM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

You need to KNOW every line, paragraph and section.

It is even better if you can convey such information, conversationally, to the consumer. Of CRITICAL importance, is understanding how 'days' are calculated regarding date sensitive matters.

And if in your area, proprietary contracts are used dominantly, you will be spending a LOT of time reading or prepare to get burned.

Where many words exist, transgression occurs. It is the agents responsibility to ensure the transgressions are consensual.

Feb 19, 2019 11:32 AM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

You have to know your contract thoroughly as well as all forms related to it. 

Feb 19, 2019 11:27 AM
Rainmaker
679,404
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

It is our job to explain to a buyer or seller the details of the offer or listing documents ... it is our fiduciary duty. We cannot give Legal Advise ... that is for the Attorney.

Feb 19, 2019 02:09 PM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

you should be able to explain each section of the purchase and sales agreement.... but that does not mean you play attorney...it's an understanding of it.... each of our clients have a real estate attorney and that atty does the explaining....

 

Feb 19, 2019 01:57 PM
Ambassador
6,393,709
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Good to know, and good to have a broker who will work with you and teach you the intricacies of the various contracts.

We have several contract classes in our Market Center each week.

Feb 19, 2019 01:40 PM
Rainmaker
1,052,321
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Every part, every paragraph, every sentence, every word.

Feb 19, 2019 01:32 PM
Rainmaker
851,242
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

You should have a general understanding of it all IMHO and then defer to attorneys for specifics. 

Feb 19, 2019 02:18 PM
Rainmaker
2,220,654
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

It is very vital. 

Feb 19, 2019 02:14 PM
Rainmaker
785,586
Abby Stiller
TOP SELLING REALTY - Cape Coral, FL
SW Florida (239) 284-8637

It's important that you know the contract back and forth

Feb 19, 2019 01:50 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Highly important.  A

Feb 19, 2019 11:22 AM
Rainmaker
1,196,798
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

You should understand what you are asking clients to affix their signatures to. Also, encourage your clients to engage a Real Estate attorney to represent them.

Feb 20, 2019 04:25 AM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

You have to explain all the parts required or what they ask. What did you think? 

Feb 19, 2019 03:36 PM
Rainmaker
911,458
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Study contracts and keep up with the constant changes.

Feb 19, 2019 01:18 PM
Ambassador
5,230,164
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

It is absolutely vital - you need to know it inside and out, backwards and forwards. 

Feb 19, 2019 07:48 PM
Rainmaker
1,503,048
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Only once or twice have I been quizzed in depth on the contract.  Both times were lawyers and both times they actually read the contract word-for-word.  99.9% of the time you need to know what the contract is about and how to explain it, but the likelihood of having to explain it beyond a very "high level" is pretty slim to none.

Feb 19, 2019 05:50 PM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

You need to be able to explain the ramification of intend of each sentence. For first few transactions suggest you find a mentor and realtor to prepare contracts which will be full of flaws. 

Feb 19, 2019 03:20 PM
Rainmaker
644,165
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

Yes, more than familiar.  IMO Clients should not have to ask about any part of the contract you are asking them to sign, it should be explained to them before you get to that point.

Feb 19, 2019 03:14 PM
Rainmaker
2,781,313
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The clauses in contracts consist of boiler plate standard provisions and some clauses are to trigger events consisting of conditions, covenants and restrictions. The fill in the blanks is worth paying attention to as well. 

Feb 19, 2019 02:41 PM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Depends on whether you want to be sucessful or not. Even though you are not an attorney or CPA renedering those opinions do you want to say I don't know?

Feb 19, 2019 02:11 PM
Rainmaker
628,914
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Very important ,  you don't want to look like a deer in head lights when that questions comes!

Feb 20, 2019 06:00 AM
Rainmaker
1,090,922
Diana Zaccaro Broker Associate
ZOOM Realty Group - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

You have to be prepared to answer questions on everything contained in the contract because you never know when someone will ask you to explain it andwhattheir questions might be. It's not if someone will ask, it's when. 

Feb 19, 2019 08:32 PM
Ambassador
3,345,257
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Holy Crow!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

We should be explaining the contract before our clients sign it.  

 

Feb 20, 2019 02:51 PM
Rainmaker
1,767,614
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

It is absolutely vital. How can you properly fill in the blanks if you don't know exactly what every sentence means? After that you need to be able to explain every part to clients.

 

Feb 20, 2019 10:49 AM
Rainmaker
1,027,602
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

You need to know every single part of the contract front and back.  

Feb 20, 2019 08:50 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Nina has the answer

Feb 20, 2019 06:49 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It is a must to know every part of it, what it is, why it is for and how to fill it out. The one thing is do not practice law. That means not deciding what is best for a client, they have to decide that and when one does not understand ask the broker and your client should ask their lawyer when it comes to the legal aspect. 

Feb 20, 2019 05:41 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It is very important.

Feb 20, 2019 05:20 AM
Rainmaker
5,217,433
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

You better know it well and be able to explain it in layman terms. Include the caveat that you are not an attorney and if they need further explanation or clarification they should engage a real estate attroney.

Feb 20, 2019 04:40 AM
Ambassador
2,161,148
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

While you cannot give legal advice, it is essential to know what the contract forms in your state say.  

Feb 20, 2019 04:34 AM
Rainmaker
4,936,827
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

It is yopur profession so you should know everything in it.

 

Feb 23, 2019 10:21 AM
Rainmaker
5,868,699
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

You need to go over line by line, paragraph by paragraph with your clients.  READ it and know it thoroughly.

Feb 23, 2019 10:09 AM
Rainmaker
961,383
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

Very important to know it thoroughly. Period.  Good luck with your real estate licensing studies.

Feb 21, 2019 12:31 AM
Rainmaker
2,182,552
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Interview with KW !!!

Feb 20, 2019 11:56 AM