Page 12 - Training Manual Port City Realty Updated

almost always requires a separate form that spells out seller and buyer responsibilities during the period one sale remains contingent on another sale.
4. Contractual timeline
The contract specifies deadlines for inspection and other contingency to be
released, appraisals to finished, loan approvals granted and so forth.
5. Counter offer
Clients understands the concept of an offer; they’re less clear on counter offers. When we’re dealing with sellers who receive an offer that’s not quite up to their expectations, we let them know that any counter offer they make, by definition, is a rejection of the offer in hand. If they counter it, their buyer could find a property they like better, get cold feet or simply decide to walk away from a seller who refuses their original offer.
Buyers, by contrast, need to be aware that a counter offer leaves the seller in a position to accept other offers if they do not respond favorably to the counter fairly immediately.
6. Cancellation of contract
While all parties have ways to walk away from a deal, the most frequent cause of cancellations is buyers getting inspection reports that reveal major flaws the seller is unwilling to address. However, during the inspection contingency, buyers can back out without fear of losing any part of their deposit (provided all inspectors are paid).
Sellers have less flexibility to back out of a sale. But it can certainly happen if their buyer fails to meet deadlines on the contractual timeline.
7. Disclosures
Disclosures come in two categories:
8. Earnest money deposit (EMD)