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Three Ways to Protecting Yourself from a High-Pressure Closing
You are most vulnerable for the other party to nibble concessions from you at the closing table. After all, at this point you're psychologically committed to the business. Here are the ways to protect yourself at the closing table.
Way One: Give them a strong, positive reputation up front at the closing to make them feel awkward going back on their word.
"I'm so glad that we were able to create a concrete win-win business that we both could absolutely commit to. It really means a lot to me to do business with someone like you who stands by their word. You'd be surprised at the number of people I've met who've tried changing things at the end even though they'd already given me their word on things. It's really a treat to be doing business with someone I like and trust like you."
Way Two: Always make sure you have more than enough time to review agreements and to feel slow, calm, and peaceful during the closing.
I suggest that you require that any closing document be given to you at least three working days in advance of the closing so that you have time to review it at leisure. If the other party gives you a new document at the closing table that you haven't seen or pressures you to sign the documents without reading them for a last time, simply say, "You know, I'm a little embarrassed to admit this, but I'm a really slow reader. I know I can trust you enough, which is why I was willing to share this with you, although it's a bit scary. Maybe I should take these documents to the waiting room and sit down with them for a while and read them through slowly, or if you want, you can give me an hour or two here alone to go through them. That way you can use your time productively and I don't feel pressed to read faster, which actually makes it harder for me. Which do you prefer?" Also, always make sure you leave the entire day free to do the real estate closing and not just an hour or two. Bring food with you and something to drink. You settle in like you're happy for the closing to take all day.
You'd be amazed how powerfully this counteracts a last-minute nibbler, since the longer you take going through documents and just chatting with them, the more they feel pressured to just close the business like you agreed to. It's the Zen way to do a fair and honorable closing. If the other side still tries to give you new documents right at the closing, then make sure you do not read them with the other party standing over your shoulder. If they're in the room while you are reading the new documents, then there is implicitly subtle pressure on you to hurry. You should ask for all the time you need to carefully read through the documents on your own. If after reviewing them you are at all uncomfortable, I recommend that you have your attorney on call to help walk you through any questions and make any needed changes to the documents.
Way Three: Learn to effectively deal with the unethical last-minute deal renegotiators.
Yes, it does happen, rarely but often enough that you need to know how to counteract an unsavory person who is trying to get you to tweak the business at the closing table by pressuring you to do things that aren't fair to you. First, call them on their behavior in a nice way. Say something like, "Now Mr. Buyer, I think I must have misunderstood what you just asked me to do with the price. I know we agreed in writing over four weeks ago that the price would be USD469,000, and you are a man of your word who doesn't go back on his word. You didn't really mean it when you just hinted at me lowering the price, did you?" Usually this will be enough to embarrass the person to play fair. If it isn't, then you know you are dealing with someone who has, shall we say, a flexible sense of integrity. With these people you have two choices. Choice one is to drag out the process as long as you can, knowing that you have all day and chances are the other party doesn't. In a high-pressure negotiation with a winlose negotiator, the party with more time on their side has a big advantage. If you keep your calm, make them repeat their requests over and over again, and with an iron will keep repeating your clear commitment to do the business only as written in the original agreement, over and over like a broken record, you have a good chance of getting your way.
If you're not willing to go through this ordeal then immediately call the other party on their behavior and bring the business to a head. "Mr. Buyer, it almost feels to me like you are wanting to change the business here in the last moment. I am hoping I'm wrong about that. Let me ask you direct and straight. Are you going to buy according to the terms of our written agreement without changes, yes or no?" If they equivocate or waffle, repeat your question until you get a clear yes or no. If the answer is a no, simply stand up, and tell them that you aren't willing to do business that way. Make sure you document their answer and have the title company representative who is in the closing room initial your notation that the other party backed out of the written deal, and leave. This is a rare occurrence, but know that it just isn't worth it to do business with unethical people who don't honor their word. Life is too short.