Buying & Selling Real Estate Discussion

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Realtor rushing to get contract signed without lawyer approval

Posted Jul 4 2019, 19:32

I have a realtor that is trying to have me sign a contract without my lawyer saying it's good to sign on the 4 of July and the agent from the other party talking they want it by noon today or they will go with another offer the building has been set up for a inspection date already how should this be handle

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Bill Brandt#2 General Landlording & Rental Properties Contributor
  • Investor
  • Las Vegas, NV
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Bill Brandt#2 General Landlording & Rental Properties Contributor
  • Investor
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Replied Jul 4 2019, 20:53

We never use lawyers, if you need one you’re going to miss out on this deal. If you were the seller and had a better offer would you wait? I assume since you posted at 8pm pacific time and had a noon today deadline, if you’re in the US you passed. 

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Theresa Harris#2 Marketing Your Property Contributor
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Theresa Harris#2 Marketing Your Property Contributor
Replied Jul 4 2019, 21:26

@James Cole  I'm assuming you are making an offer on a place?  If so, just sign it if you are happy with the terms.  You presumably have inspection and financing contingencies.  I've never had a lawyer involved until after the contingencies are removed.  You can always add a contingency for your lawyer to review the documents within a week.  

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Replied Jul 4 2019, 23:29

@James Cole

This is my first property buying so this is my learning process

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Kenneth Garrett
  • Investor
  • Palatine, IL
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Kenneth Garrett
  • Investor
  • Palatine, IL
Replied Jul 5 2019, 03:43

@James Cole

I agree with @Theresa Harris use your contingency to protect yourself.  In some parts of the country it is rare for an attorney to be involved, the brokers and title companies handle most things.  In Illinois it would be uncommon for an attorney not to review the contract after it was signed.  

Good Luck.

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Replied Jul 5 2019, 04:22

Thank you

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George Skidis
  • Rental Property Investor
  • Belleville, IL
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George Skidis
  • Rental Property Investor
  • Belleville, IL
Replied Jul 5 2019, 08:20

Both agents are using the sign it now or lose it tactic. It may be they are both desperate for a sale. It may be that the seller is desparate for a sale. So the questions is, "Have YOU done your due diligence?", If not make sure you have Ful home inspection, termite inspection, home appraisal, bank approval and whatever else kind of contingency you need in the contract before signing.

Financial Advisor Illinois (#NPN 951878)

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Replied Jul 6 2019, 13:24

@George Skidis thank you I have the inspection set up on the 10 July 19 10 at 10.00 I'm still waiting on my lawyer to return paperwork he will be in office Monday I also have a VA appraisal coming by also

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Jay Hinrichs#4 Private Lending & Conventional Mortgage Advice Contributor
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  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs#4 Private Lending & Conventional Mortgage Advice Contributor
  • Real Estate Broker
  • Lake Oswego OR Summerlin, NV
Replied Jul 6 2019, 13:28
Originally posted by @James Cole:

@George Skidis thank you I have the inspection set up on the 10 July 19 10 at 10.00 I'm still waiting on my lawyer to return paperwork he will be in office Monday I also have a VA appraisal coming by also

this seems off whats a VA appraisal rare to get an appraisal without a signed around ratified purchase contract.. ?

lets not blame it on the agent.. we don't know..  sellers dictate the terms not the agents..