A Contract Is Your Canvas

I’ve spent the week learning how to stay out of the court room and keep your license. I have heard countless stories on how you do end up getting sued and stories about how crucial it is to know what you’re doing. This is the thing I really love about our corporate trainings, the stories. Stories told by expert witnesses. Stories told by our lawyers. Stories told by those that have been in the industry for nearly half a century.

The thing about real estate is that there are a lot of emotions involved. And emotions combined with large amounts of money may end up looking ugly. What I mean, is that you might feel like things did not go quite right with your carpet cleaner or your handyman or the guy whom painted your porch, but would you really get so worked up that you would end up suing them or would you just tell your friends and neighbors about it? Add a million dollars, or maybe 2 million, 3 million or 4 million to the question and ask again. Well, heck yes! You’re gonna sue everyone you can, and then some more.

Did you know that in state of Washington you do not have to disclose to the buyer if the property in question has been a scene of a violent crime? Did you know that we are not required to disclose gang activity or even sex offenders. The seller has no obligation of telling you as these things do not affect the property itself. Even if the broker knows, they do not have to tell you, unless you ask. But wouldn’t you want to know? The term we use is Latin; “caveat emptor” and it translates to buyer beware or due diligence… It is your job as a buyer to find out.

As in any profession keeping up to date is vital. Did you know us Real Estate brokers are required to take trainings throughout our careers? You are required to have 90 hours of state mandated education prior to getting your license. Your license is renewed every 2 years, and for your first renewal you will need a minimum of additional 90 hours of continuing education. If you happen to be a Realtor like me, you will have other required classes, like the “Code of Ethics” - the do the right thing - class. Most brokers are not realtors though. During the first 2 years a broker cannot write an offer without supervision, neither can one do much else. After those first 2 years, till the end of time, any broker will still have to complete at least 30 hours of education within a 2-year period. Forms change. The law changes, and to give one’s clients the best service imaginable, you will need to be aware of those changes.

My company is often getting called out on being uptight, inflexible and many other things, along that line, but in the end the bottom line is, we go by the book and that book just happens to be the law. Our goal is to protect our client. We also aim at doing what’s right, and sometimes doing the right thing is taking a step or two on top of what’s required by law in the name of fairness.

During my first year in real estate, I’ve been sitting in 6 hours of additional training every single week. That means several hundreds of hours on forms, contracts and pricing. I know… I work under a contract maniac, but I’m so thankful for his knowledge.  Just recently, I ran into a situation where I had to explain a form to the listing broker as they had never seen that form before. Umm…Scary? – Well, I thought it was.  I consider myself to be very new. Anyone with under 5 years of experience is new, at least in my eyes, so I would consider myself still fresh out of the pack and yet, I promise you. I know my forms – thanks to the contract maniac. I know my contracts, and when I’m not absolutely sure, meaning, if there is the faintest of doubt, I will talk to him and ask for his view on things.

A smart man once said: “a contract is your canvas, and you’re the artist painting it.”

Have a great weekend!