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Open House
Essential Contract Clauses
by William Bronchick
In a previous article, we discussed the importance of learning to use the "standard" real estate broker contract rather than the "seminar" contract when dealing with real estate agents.
The following are some essential clauses and modifications I use when selling a property:
Limited Inspection Clause. Most standard broker contract give the buyer the right to make the contract contingent upon your right to do a thorough inspection before a certain date. Make certain that the inspection period is short and that the inspection must be done by a licensed (if they are in your state) professional inspector. Limit objectionable items to roof, plumbing, electrical heating and structural defects. An open-ended inspection c...
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