“Everything Else” is Important in a Real Estate Contract
When it comes to buying a house, you may be so focused on one area that you forget all the other details. You may be so excited to get a house with a pool that you overlook areas of concern. For example, do you know who will pay for the repairs? Do you know what is included in the home?
Real estate encompasses many aspects. You want to make sure you get a home that is in working order. Finding out it has issues a week after you move in can be a huge disappointment. Don’t let this happen to you.
If someone is buying real estate, they need to know what property they are buying and how much they are paying. They need to know what the purchase entails. This means that a home buyer needs to consider “everything else” when negotiating, preparing, and reviewing legal documents. But what exactly does that mean?
A real estate contract is much more nuanced than your everyday contract. There may be a lot of questions about what is being sold and what is included in the contract. There are just so many variables involved. For example, you may need to know what appliances and fixtures are being sold along with the house. You may be curious as to whether you can assume the current mortgage. Or maybe you are concerned about who is paying for the repairs that need to be made. All of these elements should be included in the contract.
You need to know what is included in the purchase price. For example, who is paying for the real estate broker commission for seller’s and buyer’s brokers? Who is paying for the closing costs? What about taxes and preparation fees? Are there property taxes to consider? It’s important to take all these things into consideration, as they can add tens of thousands of dollars to the purchase price.
“Everything else” may also include:
- How the contract can be modified
- The extent to which one party can bind the other to a contract
- Confidentiality or privacy requirements
- Whether the contract is exclusive or whether the parties may contract with others
- Insurance requirements
- How the parties will communicate formal notices
- How the parties will resolve disputes as well as the city or county where any dispute resolution will take place
It’s important for both parties to take a close look at “everything else.” This forces both parties to improve their relationship and make the transaction smoother, which ultimately results in fewer disputes.
Seek Legal Help
If you are buying or selling a home, the contract has all the details. Don’t overlook anything. You may be focused on one aspect, but if you don’t focus on all the aspects, you’ll likely end up with an unfavorable outcome.
Fort Lauderdale real estate contracts lawyer Edward J. Jennings, P.A. can explain all the contract provisions. We’ll make sure you know what to expect. To schedule a consultation, fill out the online form or call 954-764-4330.
Source:
jdsupra.com/legalnews/pay-attention-to-everything-else-in-5538581/
