Posted by Lor on July 03, 2001 at 18:38:43:
The California Real Estate Board, which is made up of agents I think, has a standard contract. It’s poorly written but since agents represent both buyers and sellers it’s fairly even handed. that may be the way to go. Of course, if you have the option it’s better to use a custom agreement, or at least put your own spin on the standard one.
I don’t think you can depend on the one sidedness of the agreement to make it unenforceable. Usually it will be held unenforceable only if the favored side also has much more power. Otherwise it may be held that that’s what you agreed to, on an equal bargaining position.
If it’s so one sided that there really is essentially no consideration ($), or they can get out of it very easily and the other side cannot, then that may be held unenforceable.
“Predatory” sales agreement ? - Posted by Wilton
Posted by Wilton on July 03, 2001 at 15:43:33:
If a Real Estate Sales Agreement is used that clearly has all the advantages for the buyer, and few benefits for the seller, would it likely be thrown out in a court of law?
This contract requires that seller furnish necessary documents to allow for substutition of collateral, subordination, missing 1 payment per year on any mortgage with the seller, buyer to have the right to renew for a like period , etc etc.
It seems to me that a judge would likely rule that this was Predatory and rule in favor of the seller, if contested. I do ,however, see other contracts in other industries that are clearly “one way” and wonder if they “hold Up”.
My personal feeling would be to use a standard contract(what ever that is) and add any specific addendums that I would require on a particular purchase, feeling that that would less likely be overruled by a judge.
I consider the sales agreement a most important form, since i allows me the time to investigate the property, without seller changing his mind etc.
What do you folks use?
Thanks in advance for any comments,
Wilton