The Must Haves for any Real Estate Contract
The real estate market is booming right now here in Southwest Florida, but in the excitement of buying or selling during this time, make sure you read your real estate contract thoroughly. Real estate contracts can be complicated. Whether you’re buying or selling, by the time a final offer gets made, the legal language in the final contract can be overwhelming to a novice. Before signing and delivering payment, you need to make sure you’re aware of any contingencies. In this article, your local Fort Myers attorney Brian Zinn at ZinnLaw will explain real estate contracts and how he can help in the event of a real estate contract dispute.
There are some very specific sections of the contract you want to be sure are correct before you sign it. Here are some things to look out for and double-check as you go over the contract with your attorney.
Terms of financing – The vast majority of real estate deals are going to require financing. Make sure your purchase offer includes details on the mortgage, including the specified interest rate.
Seller obligations – If you’re buying and want the seller to cover some or all of the closing costs, then that needs to be clear in the contract. Closing costs refer to the expenses above the price of the property that are accrued in a real estate transaction. These costs could include fees for escrow, title search, notary, and recording, as well as transfer tax and title insurance.
Home inspection – Never buy a home without having it undergo a thorough inspection by an experienced and trained professional. Inserting a home inspection contingency in your contract allows you to walk away from the deal in the event the inspection receives major problems that require significant, expensive repairs.
Fixtures – Are you hoping to have the refrigerator, stove, or any other appliances waiting on you when you move into your new home? Just having a verbal agreement with the seller isn’t enough protection. Make sure the contract stipulates any negotiated additions, including fixtures and appliances.
Date of closing – This stipulates how much time the buyer has to complete the purchase. The time frame may be 30 days, 45 days, 60 days or longer. No matter how much time you need, it needs to be included specifically in the contract. When determining the date of closing, factors to consider include relocation time, any issues with your existing lease, and the amount of time you expect for paperwork to process through the lender, title company, and lawyers.
If there are issues with any of the aforementioned factors, or one of the parties involved doesn’t meet all of the stipulated contingencies, this can lead to a dispute or even a breach of contract. If you need to have a contract looked over, or you are looking to dispute a contract you’ve already signed give Brian Zinn at ZinnLaw a call give us a call to look over your case (239) 418-1529 or go to our website www.zinn.law
