Why are real estate negotiations done with so little legal documentation?
It comes as quite a shock that nothing is put down in writing except the original offer and, of course, closing documentation. This casual approach is very disconcerting of everything in between being verbal. Answer: The definition of “negotiate,” according to Merriam Webster: “To confer with another so as to arrive at the settlement of some matter.” Perhaps the best approach to answering the question is to present a simple example of making an offer on a property, including a few negotiating skills. First, the buyer finds the perfect property and asks his buyer agent to prepare a purchase and sales (known as a P&S) agreement. The buyer decides to make a full price offer and wants to add three contingencies: Buyer wants the ride-lawnmower, gym equipment and washer/dryer. Next, the P&S is delivered to the seller through her seller’s agent. In the offer, the buyer’s wants are stated. Language could include words like “contingent upon seller leaving the following with the property at clos
