Golfer, Home Buyer in Los Angeles, CA

How does the contingency waiver work?

Asked by Golfer, Los Angeles, CA Mon Feb 11, 2008

If the buyers agent signs the contingency waiver on behalf of the buyers, have the contingencies truly been waived? Or do the buyers have to sign for themselves? Meaning: are the contingencies in effect until the buyers sign for themselves?

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Mike Stone’s answer
BEST ANSWER
The other answers are good answers, but you may have had a second question in there... regarding the effect of the contingency waivers...with the current standard CAR purchase agreement...the contingencies are "active" and not passive...meaning that until either A) the Buyers remove the contingency in writing or B) The Buyers contringency period has passed..and the Sellers give the Buyers a "notice to perform" which means they can either cancel the escrow based on that contingency, or remove the contigency...they typically give Buyers 24 hours to respond..but it can vary. Although I am a Real Estate Broker, I am not an Attorney...so I must recommend you consult with an attorney regarding these issues... as these are my personal opinions, not legal advice. I can be reached at 818-481-8555 Mike Stone
2 votes Thank Flag Link Wed Feb 13, 2008
Hello Golfer, Yes, if your agent is signing on your behalf, your agent should have written authorization from you, and the best form, as stated in the first answer, is a power of attorney. Otherwise, your contingencies have not been waived. The California Department of Real Estate has also addressed this issue of agents' signing for clients without written authorization in one of their publications.
1 vote Thank Flag Link Tue Feb 12, 2008
Hi Golfer,

You may want to speak to an attorney to get confimration, but normally it is to be signed by the buyer themselves, unless the agent has power of attorney in this matter. You should request to have a copy of the power of attorney if this is the case.

Your safest bet is to request that the buyer sign the contingency waiver.

Good luck on your closing.
1 vote Thank Flag Link Mon Feb 11, 2008
Agent can NOT sign for Buyer unless a POA is in effect. If agent signs Buyer's signature it is probably considered forgery. No agent worth their salt would ever sign for a principal. That's my 2 cents.
0 votes Thank Flag Link Sun Jul 6, 2008
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