Question

You are the real estate sales agent for the Martins who are selling a home to the Howells. The Martins signed a purchase agreement with the following personal property stipulated: The tools in the garage, and the refrigerator, besides the paintings in the living room, will remain the property of the seller. The signed contract has just been received by the Martins and they call you as their sales agent to add the bookcase in the master bedroom as another item to remain with the seller. They then put their initials by the added verbiage.

• What is the status of this contract?
• How should this be handled?

Answer 1

When a real estate purchase agreement or contract is executed, and the terms are accepted by both parties, it is a complete and binding document. Should it become necessary to change any aspect of the previously agreed-to terms, an amendment is prepared. It is a document that makes a change to the ratified contract

The real estate contract becomes legally binding only after the remaining party or parties accepts the first party's offer.

Added verbiage means amendment to the contract. The contract mentioned in the question after the amendment is not legally binding sinceonly the seller (The Martins) has signed off the said clause. the buyer has not signed the amended contract

The real estate sales agent has to make arrangements to get the amended contract signed by the buyer (the Howells).