Assignment #4 The importance of a contract in Real Estate

In real estate, verbal promises disappear in the blink of an eye. When I was getting certified as an agent, one rule we discussed was always have everything in writing. Writing protects both you and your client. For instance, imagine purchasing a property where the seller verbally agrees to fix the roof before closing. If there is no written agreement, the seller can easily say, I never agreed to fix the roof . But if you have it in writing, you can add a repair clause to the contract that makes that promise enforceable. It’s hard for anyone to go back on their word when it’s in black and white, signed and dated by all parties. A good contract means questions are answered before they become problems. Contract keep everything in motion banks, attorneys ,and the Lands Department all want the same thing proof. No contract means no loan, no commission, and no title transfer. A signed contract triggers due diligence, appraisal, and approval. Contracts are not a want they’re a must. In Belize, a contract is required for title transfer. The Lands department will not transfer title based on word of mouth or a handshake. They require a signed Sale Agreement and Transfer Of Title forms. A simple rule to follow is If money, property, or Promises are involved, put it in writing.

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