Modifying Contracts?
Hi all, i have a quick question about a p&s contract.
i have a p&s contract that a layer supplied me and he told me this is a contract he use on real estate closings. Now some words on the contract i want to change, can i do that?
for example one of the paragraphs say "Seller's attorney ( Escrowee) shall hold the Downpayment for Seller's account in escrow in a segregated bank account at _______".
Now i want to change where it says "Seller's attorney" and put in "Buyer's attorney" can that be done without me getting in trouble? I dont want to go closing to find out that is illegal..
thanks..
Is is not illegal if the seller and yourself have agreed on the change and initialed where each change is made. Both the buyer and seller should initial each change...
[addsig]
I was thinking about typing in "Buyer's attorney" on the contract so when i present the contract to the seller it should be no problem because it already in the contract..
Are you with me here or im confusing you?
please let me know..
thanks...
As every lawyer knows, every written Contract ever written could have been modified and changed lots of times...no law against it, and only problem would be if one of the parties to that K was a gov. agency with lots of rules, or one or more of the parties to it did not agree.
In a RE deal, the parties do, absolutely, have the right to agree to modify and change the terms, up until the closing, when the Deed is delivered....so if you & the other guy want to make some minor "write in" changes like you describe, as long as you're both willing, go ahead.