Real Estate Contracts Lawyer In Broward County
Real Estate Contracts Lawyer
Your search is finally over now that you have found the perfect home. In order to make your dream finally come true, you have to go through the process of financing and make a purchase offer until you reach the contract stage. At this point, you may realize the complexity of the whole process and its potential to consume lots of time and energy as you read and fill out heaps of paperwork and get caught up in thoughts about what to include in your real estate purchase contract.
Why Choose Magnolia Law?
At Magnolia Law, our team of real estate contract lawyers understand what the purchase of your home can mean to you personally, your family, and the future that lies ahead. We shoulder the responsibility in having you informed of everything you need to know in terms of legal consequences behind every line of what you are asked to agree on and sign. From the time an offer is made until the closing, our real estate contract lawyers will make sure that you are provided with expert legal advice and representation. One of our main goals during this process is to negotiate the most favorable terms of your contract.
What Is The Purpose Of A Real Estate Contract?
A real estate contract is a written agreement between a buyer of real estate and the seller. A real estate contract’s purpose is to specifically express in detail the involved agreements towards the real estate’s purchase and sale, exchange, or other transfer of property between buyer and seller. In most cases, real estate contracts are bilateral contracts. What this means is that for every action performed by either of both parties as stated in the contract agreement, there will be an equivalent promised response. In terms of the sale of investment real estate, this involves the seller’s promise to relinquish ownership rights of the property to the buyer in exchange for monetary compensation.
What Is The Florida Residential Sale And Purchase Contract?
A “real estate contract” is also known in Florida as the Residential Sale and Purchase Contract. Like any other contracts, it is a legally binding agreement and is a legal document negotiated and signed by the buyer and seller of the property. From the name itself, the said agreement only applies to residential property which does not include commercial assets and outlines the terms of the transaction between the both parties. In addition, the contract can be drafted alone or with the help of a lawyer.
After the contract template is ready, the next step is for both parties to confirm the terms of the transaction as well as the value of property before the agreement is signed. Below are the key components of a real estate contract:
- Identification of the parties – this part will contain the names of the property buyer, seller, and any co-owner.
- Real property description – the street address can be found here as well as the legal description of the property.
- Personal property description – included here are the personal items that may or may not be included in the transaction like refrigerators, stoves, some furniture, or window treatments.
- Purchase price – this is neither a set price of the property or a realistically estimated figure
- Closing details – this will include dates when the property will be exchanged and paid for and the closing costs incurred by the signing parties
- Property condition – detailed information provided by the seller about the condition of the property, which is delivered after the inspection
Understanding The Florida “As Is” Real Estate Contract
Florida has two main types of real estate agreements — the standard residential contract for sale and purchase and the “as-is” contract. The so-called “as-is” real estate contracts are gaining more and more popularity in Florida because of the prevalence of foreclosure and short sales in the past few years. Moreover, the “as-is” agreements don’t legally obligate the seller to inspect the property and repair all damage before the transaction. The buyer must take the property in its existing condition, thus, the term “as-is”. This contract may not obligate the seller to make any additional repairs or improvements.
The “as is” contract does not, however, exempt a seller from informing prospective buyers about mandated disclosures regarding the property. The said disclosures include the presence of:
- Potential or actual claims, complaints or legal proceedings that affect the property
- Boundary disputes
- Environmental hazards;
- Damages or infestations from termites or other pests
- Potential or actual damage from sinkholes, both past or present
- Problems with essential components such as the roof, HVAC, plumbing, electrical, etc.
- Condominium or homeowners association rules that require compliance.
The Bottomline
Real estate contracts may have some variations depending on what state they are upheld but they are all very similar in nature. Key essential elements that are specified by contract law must be included in order for a real estate contract to be enforceable. It is highly recommended that when it comes to residential and commercial real estate purchases and sales, an expert such as a real estate contract lawyer should be involved to steer you to the best path. Speak with an attorney at Magnolia Law today.
