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Important terms in any real estate contract

On Behalf of | Aug 22, 2023 | Real Estate Transactions

The purchase of a new home or the sale of real property is a significant legal undertaking and a major financial decision. The implications of this process can impact a Florida buyer or seller for years, which is why it is critical to approach it with caution and focus on making decisions that are beneficial long-term. One way to accomplish this is by ensuring that all necessary terms are included in the purchase agreement. 

The details matter 

The details of a real estate contract matter. Reading the small print is not only a way to ensure that all the important details are covered, but it can also reveal if there are any issues that should be addressed or terms that should be adjusted. Regardless of the type of property, this type of contract should contain the following details: 

  • Terms outlining the financing details of the purchase or sale 
  • Which party will pay for the closing costs 
  • Requirement of a home inspection 
  • Scheduled date for the closing 
  • Contingencies, such as the sale of an existing property 

Without all the necessary terms, it can expose both parties to unnecessary risks and the potential for financial loss.  

Help at every step 

It is prudent to have the experienced guidance of a Florida real estate attorney when buying or selling a home. A legal ally can ensure that the terms of a contract are fair and reasonable, protecting the interests of the client at every step of the process. Before signing a contract, it is prudent to first seek a careful and thoughtful review of the terms of the contract.