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What You Should Know About a Contract

Buying a house is a very important decision and entails a significant investment. Although it is not necessary, hiring a Coral Springs real estate lawyer is highly recommended. An attorney will ensure that real estate transactions always protect your interests. A lawyer will also help you understand the legalities surrounding any such transaction.

One of the essential aspects of the sale is the purchase contract. This contract will determine your ownership and the price you will pay. There are some crucial aspects that you must know, and a Coral Springs real estate lawyer can help you with it. At the very least, you must know the essentials of any contract. To be legally viable, a contract must have:

Written: A contract must be made in writing to be enforceable. Verbal contracts where an owner has sworn to sell your property will not be considered valid.

Price: The contract must clearly define the purchase price of the property and clear terms on how those are to be carried out.

Address: The property should be clearly identified. A legal definition of the property should be included and often contains more than just the property address to ensure there is no ambiguity surrounding the location of the property.

Names: The contract must clearly name the parties involved. If there are multiple sellers or buyers, each party’s name must be clearly mentioned.

Particulars: The contract should list everything included in the property sale. For instance, residential properties often include window treatments, heating or cooling systems, stove, or gas range. Commercial properties may include inventory and equipment.

Time: The contract sets a time frame and will include a closing date, and time that the transfer of ownership will take place.

Finally, a contract must be signed by both parties. Furthermore, each party must be of sound mind and legal age. Sometimes, particularly in commercial transactions, the contract can be signed by a legal representative. It is essential that you get the contract reviewed by a Coral Springs real estate lawyer before signing.

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