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Navigating the Latest Real Estate Form Changes in Lafayette, Louisiana

Howdy there, folks!

Jim Keaty here, your friendly neighborhood real estate expert from Keaty Real Estate. Today, we’re diving into some exciting updates from the Realtor Association of Acadiana that are set to make the real estate game even more user-friendly for both buyers and sellers in Lafayette, Louisiana.

So, grab a cup of your favorite brew and join me as we unravel the pivotal changes and explore what they mean for you. But, remember, always consult with your broker for their insights and interpretations tailored to your specific situation.

The Contingency Addendum: Two Options, One Goal

Our focus today centers on the contingency addendum to the purchase agreement, a crucial document for buyers looking to sell their property before making a new purchase. Here’s the scoop:

Option A: This choice is ideal if your property is already under contract. The key advantage here is that it eliminates the right of first refusal for sellers. As long as your property is under contract and on track to close by the specified date, sellers won’t have the option to entertain other offers.

Now, remember, your home should be placed in pending status on the MLS, not as contingent and available for showings. If, however, your property falls out of contract during the process, you must notify the seller promptly, and the contract could become null and void. In practice, you’d likely request an addendum to switch to Option B.

Option B: Opt for this if your house isn’t under contract yet. Here’s where most contingencies come into play. Your home might be listed or scheduled to be listed on the MLS by a specific date. In this scenario, sellers retain the right to advertise the property as “contingent continue to show.” They can also offer you a window of time to remove the contingency if they receive another offer, or they may cancel the contract and refund your deposit.

Pro Tip for Listing Agents:

If you’re under contract with a contingency and receive a new offer, consider negotiating it into a backup position using a backup offer addendum. This approach ensures you have a solid contract in place before discussing the removal of the contingency or canceling the contract with the initial buyer.

Keaty Real Estate’s Office Policy

Here at Keaty Real Estate, our office policy dictates a 72-hour window for handling such situations. However, it’s vital to check with your broker regarding their policies and interpretations of this document. Remember, this form isn’t mandatory. You have the right to use any contingency form available or even create your own. Be diligent, read the terms, and ensure you understand everything before your clients put pen to paper.

Share Your Insights

I personally find these changes from the Forms Committee insightful and practical. They bring clarity and flexibility to real estate transactions. But I’m eager to hear your thoughts. If you have a different interpretation or want to provide some feedback, please drop a comment below. Let’s have a constructive discussion.

The real estate landscape is ever-evolving, and at Keaty Real Estate, we’re committed to keeping you in the know. If you have any questions or need assistance with your real estate endeavors, don’t hesitate to reach out. Your dream home or the perfect buyer might be just around the corner.

Until next time, happy house hunting, Lafayette!