Taking Time to Save Time
| June 06, 2019
It’s undeniable that taking extra care with something that may seem insignificant at the time can actually make a world of difference in preventing headaches in the future. Take your car for example; going for regular oil changes and maintenance can save you from more costly repairs down the road. The same is true for industry professionals when dealing with contracts.
Ensuring that all contracts are completed correctly and completely is vital to having real estate transactions go smoothly. Real estate lawyers have contacted RECA with concerns about incorrectly completed contracts including sometimes having to search for a full name for a contract because the industry professional has only provided an initial or an abbreviation (i.e. Jim instead of James).
As a best practice, industry professionals should include the full names (not abbreviations), addresses, and telephone numbers of all parties involved in the transaction. Without this accurate information, there can be problems at closing as lawyers scramble to correct deficiencies.
An industry member’s duty to provide competent service extends into the realm of contracts. So, while filling out contracts may seem commonplace or ‘easy,’ correctly doing so is essential to any real estate transaction and care needs to be taken.