There seem to be so many challenges we face in our Real Estate Careers. From networking, to blogging, to social media, to open houses and the list can go on and on and on... One the necessary items that we all work on is learning our local purchase contracts. Out here in Silicon Valley, we use one of two contracts to purchase homes. We have a local PRDS contract and of course the state wide CAR contract. This can make it more challenging for new agents to learn the verbiage of the contract.
Even if you love one of the two, and understand it... What happens when you get an offer on your listing on a contract you are unfamiliar with? You are better off to learn before this situation occurs, so you are not racing at the last minute. You have a fiduciary duty to help your clients through the maze that is the contract, so here is a good way to learn quickly!
Go to the office supply store, and buy 5X7 cards and a glue stick. Take the actual purchase contract shrink it just a bit on the copy machine. Then cut out EACH individual paragraph and stack them. Then take each paragraph, one at a time, and glue them each to one of the cards one at a time. Then on the back of each individual card, write the actual contract paragraph number on the blank side. So you should have a set of flash cards, where one side is the paragraph number, and the other side is the actual paragraph of the contract.
Set up a daily plan to read one flashcard 15 or more times a day, every day. Soon, you will begin to absorb the contract and know its subtle nuances. Now, you should still be attending contract classes at your office, as that will reinforce what you are learning through this process. Taking classes on the legality will reinforce how to interpret what it is that you are learning though memorization.
Are there ways that you have done to learn about the contract?