Meaning of ‘furnishing of no value,’ on real estate contract
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Meaning of ‘furnishing of no value,’ on real estate contract
Recently had this included on a counter offer for real estate in California.
It was listed in a addendum, and didn’t even notice it was there. My agent
missed it as well. The buyers agent have her clients under the impression
there are entitled to all the furnishings in my home.
What is the law in this matter? I would be happy to leave some items, but
other things cannot be left.
Asked on June 9, 2017 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Furnishing of no value means that the parties to the contract are agreeing that there is no monetary value to the furnishings (whether in real life they would have value is irrelevant; a legal agreement was made that they do not). This means you would not be entititled to any compensation for the buyer keeping them, since there is no compensation for things which do not have any value. If you signed a contract giving away your furnishings, you are bound or obligated to it; the fact that you "missed" that term or provision is irrelevant as long as it was there in the contract and you could have seen/read it and, as applicable, objected to it. When you sign a contract, you are bound to all the terms in it.
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