Realtor® Legal Tip – How to use section 8.3(b)(i) and 8.4 of the REPC together to make your offer look really good!
September 25, 2017
Author: Curtis Bullock
In section 8.3(b)(i) and 8.4 of the new REPC, there are some opportunities for your buyer use earnest money to set her offer apart from all the others. “Earnest” money is just that – it shows the seller the buyer is willing to make “an earnest of good faith” and is serious about purchasing the property.
This does require the buyer to put some skin in the game and potentially put her earnest money on the line, but it just might be the thing to get your buyer’s offer accepted. What do I mean?
As I noted in a previous legal tip, in section 8.3(b)(i) of Financing section of the REPC, the buyer can agree (or not agree) to forfeit a portion or all of her earnest money deposit if she decides to cancel the REPC based on financing. If you combine that with adding some additional money in section 8.4, your buyers offer might have what it takes to put them over the edge.
To understand exactly what I mean here, take a close read of section 8.3(b)(i) and 8.4 of the REPC and use them to your advantage. Be sure to explain the pros and cons to your buyer and allow them to make the decision. Ultimately it will be their earnest money that is at stake. If your client is serious about getting the property, she shouldn’t have any problem putting up some earnest money in these 2 sections of the REPC.