Ozelis'
Rules of Real Estate

Yes... you need it written down

In business, some people can be trusted and unfortunately, some cannot. If you can tell the difference every time, congratulations, you’re a prodigy and you don't have to read this stuff.

For the rest of us mere mortals, the old adage; "a promise is not worth the paper it isn’t written on" is so very true. An honest person will never have a problem with putting what they promise down on paper, in the contract.

The ones that say "My word is my bond...we don't need to write it down" just maybe trying to get over on you and may succeed if you don't follow this rule.

Many "magnanimous" offers are usually made after some sort of relationship with the landowner/landlord, contractor, broker, etc has been established and you're well along into negotiations. After reaching the inevitable impasse the other party may make a promise or offer to you with hopes of gaining the concession. If it's a legitimate offer, make it part of the contract and do not agree to put it into a separate agreement, unless your attorney approves of it.

Don't be taken in by false hopes and promises. Have every agreement between you and the other party written down and make sure to discuss it with your attorney before making it a part of any contract.

 

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