Once a bid is won, you must close within a time period specified by the closing agent and
the correct sales contract must be submitted quickly — within 48 hours for most states.
Not exact matches
Make sure the legal description on the
sales contract matches the
correct legal description on the title policy.
One option is to have the seller's agent write an addendum to the
sales contract specifying the items that will be
corrected after closing.
For us to move up the ladder, the onus is on us to ensure that we encourage the customers to fill in the
correct details when buying an insurance policy and encourage the
sales person who is the primary underwriter in any life office to explain the importance of utmost good faith in an insurance
contract and elicit complete and
correct information at inception.
Educate salespeople about the
correct preparation of
sales contracts and disclosure forms.
Therefore, if a comparable was sold with a commission structure attached thereto that differed from those «solds» that had
contracted - for, differing, so - called consumer - accepted «standard» commission rates, or if a comparable was used that had had a post-
contracted listing negotiated - commission - reduction - scenario between the brokerage (s), designed to facilitate a buy / sell of said property (which scenario no one would be aware of officially), you would be quite
correct in assuming that the true
sale price was therefore unknown.
In as much as I appreciate your candid opinion, and that technically, you're
correct in your assertion that the attending
sales rep does indeed represent the subject seller under the listing
contract, I feel that an open house can serve another critical purpose.
If any issues are discovered in the initial process, the purchaser and lender will have more time to
correct them compared to trying to get it done during the loan approval period as stated in the
sales contract.
Of course, if the seller did not obtain owner's title insurance when she originally purchased the property, the seller would be responsible for her own legal expenses to
correct these title snags, not to mention the added stress and likely closing delays that can result in a breach of
contract and loss of
sale.