TREC 1-4 Family Contract

Hi there, Shana Acquisto, Broker of Acquisto Real Estate, and we’re going to talk about a part of the contract that is extremely important, that seems to get just shoved to the side and overlooked all the time. And it is paragraph twenty one, 21. When I say paragraph twenty one, our real estate family should be like, oh yeah, the NOTAR section. You should know exactly what that paragraph is.

So we’re going to talk about this section for a second. Omkar is going to put it up, OK, so notices all notices from one party to the other must be in writing and are effective when mailed to hand delivered or transmitted by fax or electronic transmission as follows. If this is blank, what happens? Someone doesn’t get a notice. Right. So what we have to do is think about this for a minute. Stacey is going to really crack down on this. You guys, we need information in here.

And what information do we need in here? Not just your agent information. If you have the client, you should be able to get as much information as possible. So what needs to go in here? You can see, Stacey, which you should, because she’s kind of managing this file until closing so you can put your information, copy, Stacey, and put your client’s information in there.

So let’s talk about that, your client’s information, make sure it’s correct. Where would they like to get notified? Is it email? Is it a text? What is it? So you need to have that conversation with your client and know. Well, when you had that conversation with your client, you need to make them aware of what this means. OK, so giving notice contains time sensitive information that can affect all the parties.

I mean, think about this, your option period, right? If your contract is contingent upon the sale of another property, that’s a big notice that has to be given that has time sensitive information. There’s lots of time sensitive information in there. So you must put something in there. And what we want you to do is your name, your information, your email, Stacie’s email and in your client’s information. So please do this, you guys. So if you don’t do this, what happens? It puts you liable for getting that information to the client and there’s going to be a delay. It just gives you it just puts an extra layer in there.

And if you’re out of town or you’re busy and something comes in and you have to give proper notice, you’re going to be the cause of the delay. And that’s not good. What if somebody miss their option, period, because you didn’t give them the information? Right. So we want to make sure that you guys understand, you know, you’re going to see this throughout the contract.

Time is of the essence is almost in every track contract notice provisions. Time is of the essence. OK, so remember that. So a lot of you are nervous to put your client’s information in there. I don’t want anybody reaching out and discussing anything with my client or having my client’s information on the agent.

I should be in charge. You are. This is a contract. So if someone were to do that, then they’re violating they’re in violation. OK, put your client’s information in there, protect yourself, get yourself off the hook for being liable if you don’t relay the information and you’ll see this will make everyone’s life much easier.

OK, so the title company, so we talk about that a lot of times the title company will just reach out to Stacy and give her the information. Right. But we need it in there. We need it in there in case something happens. So is as long as. OK, so let’s talk about the other side. So you may not have the opposite side client’s information. So what you do have is the agent on the other side. So put see the agent. It’s fine.

You’re worried about your client. If the notice only has to go to that agent, that’s their responsibility and what they need to worry about, not you. So on the other side, if you have no information. Is Sisi the agent, and you can put their email and their phone number, but that’s probably all the information you’re going to have. And then when they receive the contract and they’re responsible for putting their client’s information in there.

So as long as someone is not crossing the line and contacting your clients, not regarding this specific notice, it’s OK. Calm down. It’s OK. You want them to be notified. So I’ve heard a lot from Stacey that this is not happening and we want to make sure that we we get control of this. So if you have any questions on that, please let us know. All right. We’re going to move on and.

Episode Links

Shana Acquisto, Broker , Acquisto Real Estate

Episode Recorded Live on YouTube 6.22.21

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