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Legal Insights

Real Estate Purchase Contracts

A contract is a necessity for all real estate purchases, whether residential or commercial. The contract will break down the terms of the purchase, much of which can be confusing for average buyers and sellers. Working with a Florida real estate attorney is quintessential to ensuring that each aspect of a legally binding sale contract is in your favor.

Closing Costs

A real estate contract addresses many issues, including who pays the closing costs. There are a variety of fees associated with the closing, and either the property buyer or seller will be responsible for all or a portion of the fees. Escrow fees, notary and recording fees, title fees, taxes and other costs need to be named in the contract, along with who will be responsible for each fee. Your attorney can assist you in negotiating a contract that states the other party will pay closing costs, or they may be able to negotiate a reduction in the overall sale cost if you will be responsible for these fees.

Closing Date

The closing date is a critical aspect of the real estate contract, and needs to allow you adequate time to make an offer on a new home if you are dependent upon the funds from the sale to do so, or to allow both the buyer and seller adequate time to transition into new living situations. A reasonable time frame must be established, typically between 30 and 60 days. In some cases, a closing date may be set as soon as a few weeks or longer than 90 days, provided that both parties agree on the time frame.

Appliances & Extras

Verbal agreements are simply too easy to break, and should never be relied upon when purchasing or selling a property. It is imperative that agreements to keep appliances like washers, dryers, refrigerators or any other extras be specified within the contract.

Home Inspection Clause

A critical component of your real estate contract is a home inspection clause. This clause or “contingency” is most beneficial to a buyer, as it enables the buyer to be released from their purchase contract if the inspection reveals that the home has significant structural damage, or requires expensive repairs. A Ft. Myers real estate lawyer can assist you with the integration of such a clause into your contract.

Working with a knowledgeable real estate lawyer throughout the purchase or sale of property is more than just a good idea — it is paramount to the success of your purchase or sale. Whether you are buying or selling residential or commercial property, a seasoned real estate attorney in Florida can assist you through each step of the process to ensure that the terms of the contract are in your favor.

Contact an attorney at Knott Ebelini Hart today to discuss your real estate goals. Our firm has the skills and experience to provide you with superior legal service and solid representation. Call now at (239) 334-2722.

October 1, 2014

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