Here are three common contract mistakes we often see come up.
It’s easy to overlook crucial details in contracts. Today, we’ll highlight three common mistakes that we’ve noticed cropping up lately. These errors might seem small, but they can have significant repercussions down the line. So, let’s dive in and ensure your contracts are shipshape.
1. Inaccurate legal descriptions. One recurring issue we’ve encountered is inaccurate legal descriptions. Often, this stems from agents relying on auto-populated information that pulls from various sources, such as tax records. While convenient, this method can lead to discrepancies, particularly with lot and block details. Remember, the contract provides space for these specifics to be filled in manually. It’s essential to review and correct any duplicated information, ensuring the accuracy of the legal description. While some may argue that including additional details like the subdivision name is unnecessary, clarity is key in contracts.
“These three mistakes are easily avoidable with a little extra attention to detail. ”
2. Incomplete client information. Another common pitfall occurs in Part 21 of the contract, where client information is recorded. It’s crucial to provide not only your client’s details but also your own email address. This recent change ensures that the title company can effectively communicate with all relevant parties. Omitting this information not only violates contract requirements but also hampers the smooth flow of communication during the transaction process. Remember, your role is to facilitate communication, not to serve as a middleman for official notices.
3. Failure to provide client information. Lastly, we often encounter contracts missing essential client information altogether. This oversight can delay the transaction and lead to confusion among involved parties. Ensure that all required fields for client information are completed accurately. It’s a basic yet critical step in ensuring a seamless transaction process.
These three mistakes are easily avoidable with a little extra attention to detail. As real estate professionals, it’s our responsibility to ensure that contracts are thorough and accurate. Remember, if you ever need clarification or assistance, don’t hesitate to call or send us an email. We’re here to help navigate the complexities of real estate transactions and ensure smooth sailing for all parties involved.
