REPC 14: Makes a Complete Contract? (Episode 44) S3 E14

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.