January 18th, 2016 at 11:00 pm
Answer: Yes, that’s a good idea. Your buyer arguably has a valid contract without the missing signature. However, as a matter of prudence, getting the missing signature now prevents the seller from trying to use the lack of signature against the buyer at a later time. After all, the SMCO as revised in December 2015 specifically states in paragraph 2 that the “Seller shall have no duties or obligations” to sell unless, among other things, “Seller signs in paragraph 8.” Next time you counter an SMCO, you can just insert the following language in your BCO to avoid having to go back to get the seller’s missing signature:? “Seller agrees that, by signing in paragraph 4 below, Seller is entering into a binding Agreement with Buyer, regardless of whether Seller signs in paragraph 8 of the SMCO #1.”
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