I represent a lot of developers/sellers and have generated many custom forms to protect the seller's interests. However, I also represent many Buyers and have created custom forms on the buyer's behalf.
There are always two sides to the transaction and by definition the goals are adverse. This is why many form contracts try to find middle ground and protect both parties equally well. It also gives agents a familiarity with contracts to be able to negotiate deal points and not legal language. While I understand your intent to caution buyers, I don't think form contracts are necessarily bad. You can always add special stipulations and exhibits to protect your client's interest - whether buyer or seller.
As for your comment about attorney's wasting time to decipher the contract, what happens when both buyer and seller hire attorneys? Sometimes the form contract can help attorneys work from common ground. I just love those deals when there is a buyer with his agent and attorney vs a seller with his agent and attorney. Sometimes I wonder how any deals get done with all the advisers working to outdo the other.
Justin Daniels
· 1 year ago
I typically find that having to add an exhibits and special stipulations is difficult, time consuming and can be costly.
As for the back and forth between attorneys that is where hiring an attorney who has good judgment on what is significant and what is not worth the fight becomes very important.
Steve
· 1 year ago
Great advice on the use of pre-printed form contracts. One size does not fit all.
All Comments
There are always two sides to the transaction and by definition the goals are adverse. This is why many form contracts try to find middle ground and protect both parties equally well. It also gives agents a familiarity with contracts to be able to negotiate deal points and not legal language. While I understand your intent to caution buyers, I don't think form contracts are necessarily bad. You can always add special stipulations and exhibits to protect your client's interest - whether buyer or seller.
As for your comment about attorney's wasting time to decipher the contract, what happens when both buyer and seller hire attorneys? Sometimes the form contract can help attorneys work from common ground. I just love those deals when there is a buyer with his agent and attorney vs a seller with his agent and attorney. Sometimes I wonder how any deals get done with all the advisers working to outdo the other.
As for the back and forth between attorneys that is where hiring an attorney who has good judgment on what is significant and what is not worth the fight becomes very important.