Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-26
CONTRACTS TOPIC
:. OF REALTY TALK
Attorney Whiteford Tells 70.
rum at Y. NJ. c. A. Essen.
tiaIs on Agreements.

i Holding that a real estate broker oc-
kupies a position requiring fidelity and
trust, Roger ]. Whiteford, attorney,
pointed out some specific illustrations
in detailing before the Real Estate
Forum at the Y. M. c. A. this week the
Anportance of real estate contracts.
Z: Dealing with the subject of general
contracts ordinarily used and required
IN real estate practice Mr.. Whiteford
emphasized the essentials of the pur-
chase and sale contract. Mr.. White
lord said "a realization of the fact that
a real estate sale and purchase contract
IN reality is three in one" contract,
namely contract between the pur-
chaser and the seller, the seller and the
Broker. and recognized contract in a
limited degree between the broker and
the purchaser.
:, Expression Of Fundamentals.
!. "For this reason 1t is especially i'm
portant that such a contract express
Clearly and fully the fundamentals Of
Increment between all the parties. AS
such a contract forms the legal basis for
The transaction and its enforcement and
Is not affected by verbal statements. it
Is absolutely necessary that 1t be con-
Rtructed with great care" he said.
: Another fact which further indi-
oates that unusual care should be used
in preparing real estate sales contracts
Is the protection to which the layman
is entitled in respect to his real estate
dealings. This is especially true when
Il is realized that to the average person
6he purchase of a home is the largest
single business engagement undertaken
perhaps in a lifetime. Frequently, too,
Rhe savings of lifetime are involved.
IN addition the purchase of a home
affects the general welfare Of the family
And its future comfort and security"
: MFR. Whiteford said: Different types
of properties require different types OF
provisions in sales contracts. Agree
fnents to purchase an apartment house,
6ffice building or business property all
REQUIRE unusual and special provisions
radically different from those required
IN the purchase OF a single reSloentiai
not or a dwelling. However, certain
fundamentals might be considered ap-
plicable to real estate sales contracts in
aeneral. For instance, complete names
of parties, correct description OF the
property involved, sale price and the
manner in which it is to be paid, refer
tAnce to condition of title, time of settle
anent, and adjustment of taxes are some
taf the provisions that should be In
tluded generally in all contracts OF pur-
whase and sale of real estate"
y Position IL Confidential.
:; In conclusion Mr.. Whiteford said:
N,rhe real estate broker holds conf
Dental position requiring strict integ-
Saty and while the broker engaged by
IN owner to sell property is the own.
FRS legal agent and must serve him well
and faithfully, he cannot resort TO mis-
Representation or make any statement
SIeat is false or that he does not know
te-be true"
At the next meeting of the forum the
subject of mortgages and financing OF
real estate will be discussed by John A.
Petty, executive secretary OF the wash
ington Real Estate Board, who Il serV-
ing as chairman of the forum.