Even experienced real estate owners and land developers can find the process of buying and selling of real estate confusing. Navigating purchase agreements, land rights, underwriting documentation, and other real estate transaction requirements must be handled with care and precision. It is recommended that individuals and groups involved in land development projects, contact an experienced real estate attorney in order to ensure a smooth property transaction. One aspect of the real estate transaction that must be handled with care is the real estate purchase agreement.
What Every Real Estate Contract Needs
Every real estate contract needs certain elements. For the contract to be viable it will need to include the basis of an agreement. This is usually an action or inaction. When dealing with a purchase contract, the action will be dual purpose since one party is agreeing to sell the property or land and the other party is agreeing to purchase the same property or land. Real estate contracts also need to include extra details that will not change unless specified as such in the agreement or in an addendum to the agreement. When it comes to a property purchase agreement, certain aspects are not subject to change post-agreement including: property address, property rights, property sale price, etc. Both the buyer and the seller and their respective representatives will be required to sign the agreement. Until the real estate agreement is signed by both parties, it is not considered enforceable.
If you are in need of assistance with a real estate purchase agreement or other real estate contract, contact the real estate and land law attorneys at The Law Office of Law Office of Ernesto F. Aldover so we can review your contract or purchase agreement before it is signed.