Protecting Your Purchase

Transcript

STEVE MILLSTEIN: The contract that you are going to sign for the purchase of that house is the contract to the most important transaction of your life and you better make sure that you have included every single item into that contract that you want to be able to address at a later date.

PETER HOLLAND: Read the contract. Ask the questions that need to be asked.

STEVE MILLSTEIN: You may have to have a lawyer review that contract with you before you sign it.

PETER HOLLAND: If you do not understand something, ask it.

STEVE MILLSTEIN: Take your time. It is not something that needs to be rushed into and make sure you have covered every single concern you have.

PETER HOLLAND: If you signed it and you did not understand and there is a problem, we all know what they are going to say:

Lawyer: Is that your signature? You: Yes. Lawyer: And you had the opportunity to read it, didn't you?

STEVE MILLSTEIN: You are not going to be able to say, "but my real estate agent said this" or "the seller said that."

PETER HOLLAND: This is it, if it is not in writing it did not happen. No oral promises can override this contract.

STEVE MILLSTEIN: Once you have signed that contract if those promises aren't a part of that contract, it is too bad.

PETER HOLLAND: So, it is much better to take all oral promises and say, "you know, since you have told me we are going to fix that after signing it, why don't we just write that right into the contract?"

ELIOT WAGONHEIM: If it would upset you that there are going to be less than 12 recessed lights in any given room because that is your office and you really need good light for that, make sure that is in the contract.

PETER HOLLAND: You can hand write in, put your initials next to it and have them put their initials next to it.

STEVE MILLSTEIN: If they are not willing to do that, you should say "wait a minute. Why are you making all these promises to me, but you are not willing to include those things into the contract?"

PETER HOLLAND: They are going to whip that contract out if you go to court and if it does not contain that oral agreement in writing in the contract, you are going to have a big fight on our hands.

STEVE MILLSTEIN: It is all about what is in that contract, so take your time and be careful.