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Contract Series Paragraph 21

George Clements ~ Greenville, SC Real Estate

 

Paragraph 21 of the Contract For Sale is entitled "Entire Contract; Binding Contract; Time:" and looks somthing like this:

 

21. ENTIRE CONTRACT; BINDING CONTRACT; TIME: This written Contract expresses the entire agreement
between the parties, unless there is a written addendum or modification signed by Purchaser and Seller. Any
response, counteroffer, or written communication which would alter any of the terms of this agreement must be acknowledged in writing by each party. Both the Purchaser and Seller hereby acknowledge they have not received or relied upon any statements or representations by either Broker or their Agents which are not expressly stipulated herein. This Contract shall be binding on the Purchaser, the Seller and their heirs, personal representatives, successors and assigns. This is a legally binding Contract; the Purchaser and Seller should seek legal advice if the contents are not understood. TIME IS OF THE ESSENCE IN EACH PARAGRAPH OF THIS CONTRACT WHERE A PERFORMANCE TIME IS STIPULATED.

 

This paragraph is saying that these 6 pages are the entire contract and that there is nothing else to it unless it has been marked that there are other addendum's.  These means that anything that is to happen with a transaction has to be in writing or it does not mean anything.  If someone has just put something out there verbally, there is nothing to make it binding and part of the transaction.  

If time is to be extended or any part of the contract needs to be change then an addendum needs to be added to the contract showing the change.  Such and addendum would need to be signed by both parties involved on the original contract.  

This paragraph also states that time is very important on timed matters stated in the contract and that things should be done as fast as is possible.

Comment balloon 0 commentsGeorge Clements • April 01 2008 03:48PM

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