Sign Rhode Island Travel Agency Agreement Later

Document type sign travel agency agreement rhode island later

in the studios today if you are listening to our last segment you would know we've got Melissa delana gracing us with her present from the presence from delana law out of East Greenwich Rhode Island serving all of Rhode Island and yes probably do some ass too right yes in Massachusetts as well specifically to real estate and melissa's get a really wonderful topic today and it's something that keeps coming up even agents fumble this thing all the time we are talking about the purchase and sales agreement and how that is a binding agreement between the parties and what Amelia and I were talking about offline is that it seems as though in Rhode Island there's not a lot of attorney involvement at the time of the drafting of the sales agreement or the execution of the sales agreement so the parties are going into this often times without any attorney review and I think in part they feel as though it doesn't have the same degree of seriousness because there's no attorneys involved but make no mistake about it a purchase and sales agreement is a legally binding contract between the parties mm-hmm and you know what they've been written by attorneys I mean unless you're signing you know some purchase and sales agreement on a napkin or something that the agent designed but right well hopefully our agents know better than to design sales agreements on napkins the Rhode Island forms committee has done a very good job of giving us some standardized forms so that agents can pre-populate the information more easily without the need for attorneys but especially in today's transaction there's more and more complexities where there is language that needs to be drafted and added to the sales agreement and oftentimes an attorney involvement is necessary at a much earlier point than when we're getting involved so I guess the moral of the story is whether you're a buyer or you're a seller you're going to need to have an attorney involved at some point in the transaction you might as well get us involved early so that we are there to advocate for you and to review those terms and provisions so that you have a strong understanding as to what your rights and responsibilities are under the terms of the agreement yeah I would totally agree with you there you're going to be paying this attorney anyways if you're a buyer or a seller so you might as well go ahead and have them review these documents and you know get get your money worth not that not that you know that they don't get their money worth later on because the transaction just doesn't finalize without title and closing attorneys and and all that but I would totally do that I mean when I was buying my house I had my one of my attorneys review all the documents and it was it was definitely a good thing because there was something that you know that was missed on there and and again I mean I I do this I suggest this with all of my clients every situation every transaction is different Oh a hundred percent you know there's no two closings and transactions that are alike so and one of the easiest ways to do it if clients are going to do nothing else and not hire an attorney is to make sure that you have read through the agreement and that you understand it and that all of your questions have been answered before you sign far too often we see clients signing agreements and then it's only after the fact where there's a contingency date missed for example that they say well whose responsibility was it to request an extension so it's important to have a full time agent who's very seasoned in the sales agreement to explain to the client what the rights and responsibilities are and to answer any questions that the client has about the provisions in the agreement yeah definitely and you know what we've got a huge agent listener base and I just I'm speaking with you with the agents right now because I know you come across this all the time sure you can totally relate to this you ever have those clients that are like now it's just you know I'll just sign away I actually as easy as that is I stop them and I say no please let's let's look at this section 4 section because you may have some questions and if you don't have questions I want you to understand you know the reality of this agreement and your life is going to change as soon as you sign this yeah and the buyers life is going to change as soon as you sign this I think especially with the e-signature phenomenon where most of our clients are just clicking they're not even taking a pen to paper yeah I'm signing it so they're not even really spending the time eyeballing the document they're just going on the computer and clicking saying yes i agree but if they haven't stopped and reviewed the terms they won't know for example that as a seller you have to furnish an oil reading from your oil company in order to get reimbursed for the value of the oil that's in the tank and that is one of the very basic provisions that the buyer will reimburse the seller for the value of the oil or fuels that exist on the property yeah but as a seller you have to furnish them with a receipt it's not good enough to just take a picture of the gauge because far too often those gauges are broken so we need to have the oil company come out so there's some preparedness that's required and you can only be prepared if you understand what those rights and obligations are absolutely so things like the water meter reading the oil reading things like that your agent you know can do for you there's some agents that will teach you how to do it and then there's some teams you know like like our team the disparity we go out and we do that stuff for our clients as part of the service you know but no way either way is not right nor wrong now one thing that I want to bring up and again you know for any agents listening I want you to definitely tune into this because you you may think one thing or the other and I want to ask Melissa okay because I mean I've already asked her I know what the answer is okay but Melissa the closing date okay I've had clients jump down my neck and I add totally empathize with them I totally understand where they're coming from and how it can be upsetting when a closing date is extended yes that's a great question and a point that we have a lot is is that closing date is that is that closing day exact know the closing date in Rhode Island is basically considered a target date and that can be a moving target especially when the financial company for the buyer because most of these loans most of these transactions are subject to loans is not ready the reason that that is the case in rhode island is because we do not have time is of the essence as a provision that pertains to the sales agreement date so when the buyer is not ready there's no time is of the essence they just simply require or request an extension of time and the seller usually gives it to them I mean it's either ready or it's not so I understand the sellers plight of well you're not ready too bad I want to move on but at the same time oftentimes we're looking at a couple of days maybe a week we're now usually looking at extensive delays but it does impact the planning of settlers especially if they're moving on to buy something else yes or if they have made moving arrangements or if they're traveling so i can understand as well why that target date is something that people want to have is a firm date but that's just not the reality it's not a firm date it's a target date until we're very close to the actual closing yeah you bet well said I actually use those words you know quote quote for quote target date you know because and that's one of the things that we do and a lot of really really experienced agents are going to do when they're going over the purchase and sales agreement they're going to go through that with their clients and say this is not an exact date it's a target date now even the mortgage contingency date is not an exact date it can be extended and inspections date can be extended exactly and that's why it's so important to understand what those dates are as a buyer you have to complete your inspections by law within ten days of the signing of the sales agreement exclusive of holidays and weekends well if it's a busy market and inspectors cannot complete the inspections inside of that time frame and we don't have enough time to request repairs then it's incumbent on the buyer ultimately to request an extension to that contingency date and same with the mortgage if the mortgage commitment date is not going to be satisfied by the lender we need to request an extension of time so often the clients just rely on their agents to make sure that those dates are going to be extended accordingly but again if you have an agent who's not involved or for whatever reason the transaction has become a strange where you're not talking to your agent because believe it or not that does happen again really underscores the importance of making sure there's an attorney involved and that you're having open lines of communication to extend accordingly because otherwise if you miss a contingency date then basically you're operating under an agreement with no contingencies you have to close or else yeah or else you lose that deposit rule of thumb is that the negotiations for those repairs have to be completed and addendum should be signed supporting those negotiations with in that 10-day period however the repairs only have to be done at closing or if the lender will allow then we can hold an escrow but I just want to caution you have to make sure you're keeping the lender informed because they don't always allow for an escrow depending on the type of financing depending on the type of repair and depending on the attorney there's some attorneys out there that carte blanche will not hold escrows it's just the way they yeah great so and I know that you guys hold escrow regrettably yes yeah we do know that grows as required they can often lead to problems in my first year of practice I was actually sued over in escrow because I would not release the money because the parties wouldn't agree so then they had a lawsuit I was dragged into the lawsuit it just created a little bit of a nightmare so escrows are not the ideal way to proceed we always want to try to get the repairs on ahead of time if possible but if necessary escrows are an option as long as the lenders allow an escrow is a whole nother subject for a whole nother day we actually got to run to a quick commercial break but you can get a hold of Melissa delana for some really great a turn really great real estate advice at 40 185 3,800 she's one of the best in the state and I personally recommend their 40 1885 3,800 contact delena law and ask for Melissa