The average real estate professional uses boilerplate documents when assisting clients with a residential real estate transaction. Both buyer’s agents and seller’s agents often use basic templates provided by professional associations when making an offer or solidifying a purchase agreement on behalf of a client.
While that may be a fast and cost-effective solution, it is not necessarily the best option for the real estate professional or the clients they represent. Basic documents only offer basic protections. Partnering with a lawyer to secure custom, up-to-date documents is often the best solution for high-touch real estate transactions.
Why custom documents matter
Boilerplate documents include basic terms, but they may not reflect recent updates to real estate laws. They may also fail to address current trends in the real estate market, such as sellers having a difficult time acquiring new property due to a lack of sufficient inventory on the market. Custom documents help ensure better protection and can more readily address current issues affecting real estate transactions.
A buyer making an offer on a property could benefit from bespoke documents because they can include highly-specific contingencies that allow them to withdraw from the transaction in certain circumstances. They could also include a post-closing occupancy agreement that helps to motivate the seller to leave the property on time when the possession date arrives.
Sellers might need protection from unrealistic buyer expectations. Custom documents can include details about what fixtures or other property the seller intends to leave when they vacate the premises. They can also clarify any issues with the property and any warranties or promises about its condition made by the seller.
Attempting to insert unique provisions into boilerplate paperwork can lead to complications, including rejected offers or unenforceable agreements. Real estate agents can provide the best level of service and protection to their clients if they take the time to draft customized documents that specifically address the client’s unique concerns.
Preparing for the unpredictable challenges that arise in real estate transactions can benefit the parties directly involved and the professionals representing them. Agents who go the extra mile for their clients may find that they secure more referrals and repeat customers due to their diligence.