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Contracts

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Contracts


State Contracts Classes in eXp World


One of the most important things next to marketing that you can learn as an agent that is new or doing less than 12 transactions a year is CONTRACTS!!


Contracts are the life and blood of this business and fortunately eXp has wonderful training on contracts at a state by state level.


Simply log into the eXp Event Calendar https://expcloud.com/calendar/  Bookmark this and keep coming back to it.


Step 1. Get your standard contracts for your state.


  1. Purchase Agreement

  2. Buyer Agency Agreement

  3. Listing Agreement

  4. Most Commonly Used Addendums (Inspection/Financing/Appraisal/Pest/Septic)



Step 2. For every contract start this same way and only work on one type at a time. For instance the purchase agreement.


  1. Print a copy of the entire agreement

  2. Read through it, highlighting what you don’t understand

  3. Take that copy and go to your contracts class and/or broker state room

  4. Get clarification on every highlighted section, making notes on the doc itself

  5. Start over again on step a, and keep repeating until you know the entire document.

  6. Partner with the broker, or in your contract class or on the team, and find a partner to be able to present the contract upside down (with the contract facing them on paper or computer screen) summarizing each paragraph for them.

  7. Do them in the order listed unless you get a listing first, then do that first and go back and learn the others.

  8. When you are finished with each type of contract, review the entire set of docs, start to finish, and make sure you’ve retained everything.


Notes: Live and die by the contract. It’s your job to know your docs inside and out. You do not want to get stuck not knowing your way around your contracts, or worse, hurting your clients. Average agents don’t know their contracts. Excellent agents do. GHT agents are flipping Rockstars at contracts.



Last note - if ever you have to write an addendum to a contract, first go into the state paperwork and see if there is an addendum already promulgated that addresses the issue at hand. If there is not, then write up an addenda to the contract. Make certain that you address the following questions:

Who

What

Where

Why

How

How Much

By When, and

To Who’s Satisfaction


After drafting your language, pop into your state broker’s room and run the verbiage past them.


Last last note. When in doubt, always run contractual questions past the broker. Whatever the broker says to do, do. If you always do what the broker says to do, and document that conversation, you will be as protected as you can get.

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