Q.  Are preprinted real estate contracts the same, or can they be different?

A.  Preprinted real estate contracts can be slanted toward the buyer or the seller.  Generally, contracts approved by the Board of Realtors or the Bar Association are “standard contracts.”  You should also beware of clauses that are “added” to the contract.  Some of the areas of concern that warrant special attention are

1.       Financing:

Buyer will want contingent clauses based on available financing.

Seller will not want any contingency clauses at all.

2.      Title Insurance:

Buyer wants title insurance and wants seller to pay for it (standard).

Seller doesn’t want to provide for it or wants buyer to pay for it.

3.      Title Defects:

Buyer wants all defects to title corrected before closing.

Seller wants to back out of contract if correcting title defects is too difficult.

4.      Expenses:

Buyer wants to pay as few expenses as possible.

Seller wants to pay as few expenses as possible.

5.      Assessments:

Buyer wants Seller to pay all special assessments.

Seller wants only to pay liens where work has been completed.

6.      Termites:

Buyer wants no termites and the right to back out of contract if they are found.

Seller wants to correct termite problem up to limited amount of money.

7.      Survey:

Buyer wants a survey.

Seller doesn’t want to pay for a survey.

8.      Personal Property:

Buyer wants all appliances, fixtures, etc.

Seller wants extra money for appliances, fixtures, etc.

9.      Roof:

Buyer wants roof in good condition.

Seller wants to sell as is.

            Contracts can be preprinted with the language favoring the buyer or the seller.  BEWARE.