1 Project #3 Sales Contract Real Estate Contract Mike Brigner

2 Reminder l You are now working for the law firm of Shane, Badonsky & Brigner l All of your assignments should conform to the firm’s l Quality Standards l Submit a final work product, not a draft

3 Specifically l Correct printer & margin problems l Double-check spelling l Correct grammar l 1” margins l 12-point font l Look at your layout: Consistent? Attractive? l Memo should be a MEMO l Cover page always required l DOUBLE SPACE!

4 Not Your Fault, But You Must Correct l Form uses singular (“buyer”) noun & verb for TWO people l Except when using pre-printed forms, a law firm would never do this l Would change all singular nouns to plural & change verb tenses throughout entire contract

5 Some Common Errors l MOST COMMON CONTRACT ERRORS: OMITTED THINGS 2 days to apply 30 days for mortgage commitment Specific items sellers will keep

6 Some Common Errors l Use ASSIGNED facts, not facts from form you are using! l If you choose whole house inspection, mention radon & pest checks

7 Some Common Errors l This is CONTRACT l Use contract terms: “shall, must, will not, promises” l Avoid general directions: “wants, requests, would like, demands, insists upon”

8 Some Common Errors l Occupancy w/in 15 days of closing, NOT a date certain l Deadline for acceptance = offer date + 3 days l Must be in same condition as ? The offer date!

9 What Q’s Should Be In Memo to Atty? l Points at closing? l What defects have sellers disclosed? l Where is Book__ & Page__ for legal description? l $300k or $290k?

10 Some Clever Q’s l Buyers’ accept any defects disclosed by sellers? l What if inspections show defects? l Damages for delay? l If sellers damage property by removing items?

11 Notebook time l This is a NOTEBOOK class l Make a corrected original of every project l Put these in a separate binder l 20 extra points! l Graded last week of class

12 Project #3 Sales Contract Concluded