Amending the Contract

This week Dallas Native discusses what is the true meaning of Amending a Contract. Check out the video for more details .

 

Mary Beth Harrison: Hi, this is Mary Beth Harrison with Dallas Native Voice, and today I want to talk about amending a contract. I get asked this question a lot from my buyers and my sellers. Once you go under contract for a home, there is no changing that contract. You can never go back to a contract. Once everyone has agreed to agree, and you have an effective contract, it’s gone to the title company, you can’t go back and change the body of the contract. What you can do is amend that contract with another document. So, that one lays on top of your contract, if you think about it that way.
So, things like a closing date. Say we wanted to close on June 30th, and you want to change that date maybe to June 15th, you would just amend the contract so that all parties agree that that’s okay. All parties can close on the 15th, and that would work. Or, you can change a price, for example, or if you have a lot of repairs to be done and you don’t want the seller to do that, you just want the money for the repairs, well, they can’t just hand you a check, but what they can do is maybe pay your closing cost. So, you would amend the contract to say, “In lieu of repairs, pay $4,000 of my closing cost.” It keeps you from bringing the money to the table so, one way or the other, they kind of have written you a check, just done it legally through our contractual agreements.
So, there’s many things you can change about the contract if both parties agree. Just because you want something as a buyer, doesn’t mean that the seller has to agree to that, and it doesn’t end up changing the contract. You just go back to original terms. So, if you need anymore information, or thoughts about contracts, and how they work, and how you can change them, just give us a call, or go to our website at dallasnative.com, and we go where you go. So, you can find us on all social media. Thanks for listening.

Information Courtesy of Dallas NativeΒ 

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