Due to complex real estate laws and intricacies involved in real estate transactions, they are inherently difficult. This often leads to disputes and disagreements between two parties, which can consequently take the deal off the table, or give rise to a legal claim. Here are three common real estate contract mistakes you should avoid.
Relying on a Verbal Agreement
It is critical you obtain every decided agreement and terms in writing. Even though you might have had a detailed verbal conversation with the other party over different aspects of the contract, your claim will not be admissible in court unless you have written evidence to back it up. To avoid disputes in the future, you should ensure the agreement does not contain ambiguity and vague details. It can be highly beneficial to hire services of an experienced real estate lawyer as they understand the complicated intricacies involved in real estate contracts.
Excluding a Possession Agreement
In several instances, the buyers are willing to sell their property, but unprepared to actually relocate within the allotted time frame. This may present serious complications, particularly when the buyer is expecting to move in and cannot afford a delay. Therefore, it is extremely important to include a possession agreement (also known as occupancy agreement) in your sale agreement. If you are the buyer, then you should focus on aspects pertaining to the possession of the property and get insurance to shield yourself against potential liability. To prevent future disagreements, having a real estate lawyer will ensure matters related to possession are dealt with effectively.
No Prior Discussions Among All Parties Involved
Many people neglect this aspect, but meeting with every party involved in the transaction can prove to be extremely valuable. Discussing all the particulars beforehand will ensure everyone is on the same page and save you from last-minute surprises during the closing process. It is recommended to remain as transparent as possible and effectively communicate all concerns in advance to make certain the deal progresses smoothly. You real estate lawyer will keep your financial interests protected, so they should be on board during discussions and negotiations.
If you want to find out more about real estate contracts or wish to schedule a free consultation session with an experienced real estate lawyer, contact Fitzgerald Law Firm by calling at (630) 946-6060.