For many people, reaching the point where a residential real estate purchase is going to occur can be an exciting time. But, it can also be a time to focus on even the smallest of details, because the failure to do so could have serious repercussions down the road. For buyers in South Florida, well before getting ready to put pen to paper is the time to start thinking about the key terms in a real estate agreement for residential property.
The buyer and the seller have presumably agreed on a purchase price, but it is important to know whether or not the sale is contingent on the buyer securing the appropriate level of financing. Most people simply can't throw down a full-cash purchase price, so they will need financing. Second, it is important to know what all is included in the proposed sale. Are there any particular fixtures, items of furniture or appliances that need to be included in the sale? If so, those items need to be detailed in the agreement.
Next, determining the date when possession will transfer is crucial. Both parties will need to know this date - the buyer will want to move in and the seller will need to move out. After that, even though everything may seem "good to go" from the initial visits by the buyers, will the sale be contingent on a home inspection by a professional? After all, there could be unseen issues with the home.
Lastly, it is important to determine whether or not there are any restrictions on how the land at issue can be used. There may be zoning laws that need to be examined. And, buyers will want to make sure that there are no boundary issues related to the property, which could result in real estate litigation at some point in time.
Source: americanbar.org, "Residential Real Estate FAQs," Accessed Oct. 7, 2016