Real Estate Sale Contracts for Florida Real Estate Transactions
When you are involved in a real estate transaction, the best way to protect your interests is to insist on a detailed real estate sale contract. A real estate contract is also known as a purchase agreement or sales agreement. The contract is legally binding on both parties.
The purpose of the contact is to provide details about the real estate transaction in addition to each parties’ concerns, goals, and expectations. A sale contract for real property addresses issues and provides remedies for certain circumstances. Because a real estate sale contract is not easy to rescind, it is important to have an experienced Daytona real estate attorney review the proposed contract before you sign it.
Call (888) 316-2131 to speak with a Daytona real estate lawyer about how our law firm can help protect you during a real estate matter by drafting a detailed real estate sale contract for your transaction.
Reviewing Real Estate Contracts in Daytona
Our attorneys have years of experience handling matters related to real estate. When you retain our law firm to represent you in a real estate transaction, the first step we take is to review the real estate sale contract. We want to know immediately if there could be potential issues that our clients must confront. Ideally, we prefer to review the contract before a client signs it so that we can make any changes necessary to protect our client.
Most realtors and real estate agents use a real estate sale contract that is standardized and uniform. However, when you hire a Daytona real estate attorney, your attorney typically drafts the contract so that he can control the terms, conditions, and wording to protect his client.
Regardless of whether you use a form contract, or your attorney drafts a detailed contract, several items shouldbe included in every real estate contract in Florida:
• Specify the seller and the buyer;
• Date contract was drafted;
• Provide a specific, detailed description of the property being transferred;
• Identify any personal property that remains with the property and transfers with the property to the new owner;
• Purchase price and escrow amount;
• Date of closing and place of closing; and,
• The dated signatures of all parties to the real estate transaction.
In addition to the common terms in a contract for sale, you usually have other terms and conditions specific to your real estate transaction. For example, an “as is” contract typically means that you accept the property just as it is right now. You do not expect the seller or anyone on his behalf to make repairs or do anything to the home except clean out the property that is not being transferred with the house. You may also add contingencies such as selling your current home, clean inspections (i.e. roof, termites, foundation, HVAC, etc.), obtaining financing, and a clear title search.
In addition, other details that you need to ensure are included in a real estate sale contract include:
• Submission of copies of Homeowners’ Association or Condominium Association documents, including Restrictive Covenants for the neighborhood, before closing
• Payment of closing costs
• Drafting the deed
• Closing attorney
• Title Insurance
• Earnest deposit information
• Pro-ration of real estate taxes and assessments
• When possession of the property will be transferred
• Final inspections
• Fixtures and improvements included in the sale of the property
• Any other special conditions that you and the other party agree to as part of the transaction
Real Estate Closings Involving Commercial Property
The contract of sale for a commercial property transfer is much more detailed because of the various issues related to commercial property. A “form” real estate sale contract is usually not sufficient for a commercial real estate transaction. Our Daytona real estate attorney works with clients to negotiate the terms of a commercial real estate transaction, including drafting a detailed contract for the parties to review and sign.
Why Do I Need My Own Daytona Real Estate Lawyer?
You may assume that having a realtor or real estate agent represent you as you enter a contract is sufficient. However, realtors are not trained in Florida real estate laws,and they cannot offer legal advice. Therefore, if the terms of a contract are unclear or the legal terminology is complex, you need a real estate lawyer to review the contract to ensure your best interests are protected. In addition, if a dispute arises, an attorney can provide legal advice and representation that a realtor cannot provide.
It is important to understand that the closing attorney only represents the buyer. If a dispute arises, the closing attorney acts in the best interests of the buyer. As a seller, you need an attorney who is looking out for you during the transaction.