Drafting a real estate contract takes experience and a lot of knowledge. The right contract will be able to protect you from plenty of legal issues. No contract is perfect, though, and you should prepare for issues to crop up at anytime. If you want to avoid as many disputes as possible, you need to include the must-have conditions for any real estate contract.
One of the most important conditions to include in any real estate contract is who will be responsible for paying the closing costs. The condition should explain which fees are paid by whom: the buyer or the seller. You can find out from your real estate attorney who is traditionally responsible for paying these fees.
All real estate contracts should include a condition for an inspection. Inspections are typically required in most areas of Florida, so this is a no-brainer. The condition should explain how you can walk away from the proposed deal should anything come back as an issue in the results of the inspection.
The real estate contract you write should have a condition regarding financing. The condition should state that the purchase of the property is contingent upon you obtaining financing for the purchase. If you don’t obtain financing, then the deal is null and void without any legal ramifications.
A common condition included in real estate contracts deals with the appliances or furniture in the property. If you want certain items to remain with the property, you should agree to it and then put it in writing. Never rely on an oral agreement for this part of the transaction.
Having trouble writing a real estate contract in Florida? Aren’t sure of the laws or what should be included? Don’t write the contract simply to write it. Make sure you include the above conditions to avoid disputes.