Once a buyer and seller sign a real estate purchase agreement, the deal is set in stone. This is why I strongly recommend that all purchase agreements submitted by a Realtor in Florida include a brief attorney review period. Buyers who make an offer, or sellers who receive one can simply write language into the contract to the effect of, “subject to my attorney’s review within three business days.”
When an attorney reviews the purchase agreement, they will not only check that the purchase price and legal description are correct, they will ensure you fully understand all of the terms, including the timetable, what happens if you don’t get a mortgage, whether the seller will be required to make repairs identified during the inspection, and the like. If there are clauses in the contract you are not happy with, the attorney can negotiate them for you. Or, especially if you are not using a Realtor, the attorney can draft the entire purchase contract for you.
What is a Real Estate Purchase Agreement?
The purpose of a real estate purchase agreement is to clearly and legally lay out the agreement between the buyer and the seller. Under most state laws, this contract must be in writing and signed by both parties. Like all contracts, it must include what is being purchased and the money (known as “consideration”) that will be exchanged.
A real estate contract typically includes these elements:
An accurate description of the address of the property being sold
How much of a deposit is required when the contract is signed
What date the sale must be completed by
Essential contingencies. These can include a buyer financing clause (in many contracts, the buyer has a certain number of days to get a mortgage; after that period has passed if he hasn’t cancelled the deal he is required to buy the home for cash); how many days the buyer has to inspect the property and back out if he is unhappy; whether the sale is “as is,” meaning the seller is not required to repair issues found in an inspection, and the like.
Contact us by phone or email for a FREE consultation to learn more about our firm and how we can help you with your real estate contract negotiation or review, or its overall purchase or sale. Attorney Gary Landau personally returns all calls to him.