What If Real Estate Contracts Were Like Sports Contracts?

roy-williams.jpgIt’s that time of year again for college basketball.  The coaching carousel starts and where it ends nobody knows.  Coaches leave here and sign there.  They proclaim their loyalty even as they have the AD from another university on hold. 

And they all have work contracts.  For three years.  Or five.  Or even funnier, ten.  Yet, they leave.  And they never get punished.  It’s insane.  Well, except for poor Rich Rodriguez formerly of West Virginia.  Seems West Virginia actually expected him to honor his contract.  How insane is that?  😉

Let’s just say we find a house we love and we purchase it.  Six years later we decide we like another house better so we just leave.  No recourse on the mortgage.  No bothersome sales process.  We just leave. 

Most jurisdictions that I’m familiar with have 10 day (or so) “free look” periods for buyers that allow them to conduct due diligence and inspections to decide if this really is the house they want to purchase.  Well, what if the “free look” period extended all the way up to closing?  Or what if the contract wasn’t ever enforced anyway if someone left?train_wreck-782867.jpg 

I guess in some respects it is that way.  Forfeit a meager deposit of $1,000 and you really can just “walk-away.”  And besides, a good attorney I know feels every contract has sufficient wiggle room to cause problems to the side trying to enforce a contract. 

I don’t know. Maybe I’m just frustrated with where our culture has gone.  I try to do the right thing.  Really I do.  And I know others do, too.  But I can see the train crash coming.  Can you? 

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