Thursday, May 25, 2006 - Which Contract to Use?

We have two different contracts that are used in our region. One is written by and sanctioned by the Maryland Association of REATORS(r) and very capably covers the legal requirements of the State of Maryland for a residential real estate contract.

The other is a regional contract and is so general that it can be used in Maryland, DC and Virginia.

Each contract is around 10 pages, but the MAR contract only needs one additional addendum to make it comply with Prince George's County requirements.

The regional contract needs a eight-page addendum to make it conform to Maryland's and Prince George's requirements. Hmmm...9 pages versus 18 pages.

By the time all the mandatory disclosures and any other addenda and/or contingencies, such as home inspection, are attached even our most basic contracts can easily approach 45 pages.

I prefer the statewide contract. Besides the obvious benefits of being written specifically for our state, it's shorter! I like shorter.

(C) 2006 Susan Pruden.