A real estate contract for the sale and purchase of real property has a number of elements, which can be confusing and complex. Failure to select strategic terms in a contract for the sale and purchase of real estate or abide by the time limits specified in an executed contract can lead to litigation fairly quickly.
The first step to executing a Contract for Sale and Purchase of Real Estate is to submit a written offer to a seller. Upon receipt of an offer, a seller can either accept the contract agreement on your terms, or counter offer on different terms. If the seller remits a counter offer, a contract is not complete, but rather the ball is back in your court. At this point you may either accept the seller’s counter terms or continue to negotiate. Just because you feel that you found your dream home doesn’t mean you have to back yourself into unfavorable sale terms.
In Florida, there is a standard Contract for Sale and Purchase that has been approved by the Florida Realtors and Florida Bar. Notwithstanding such Contract, you still may have some flexibility in choosing contract terms depending on the county you reside in and the flexibility of the other party to the transaction. You may also attach addendum with custom terms, which have to be executed by both the buyer and seller.
Once a buyer and seller agrees on contract terms and the contract is signed and initialed by all parties, an executed contract exists. After the execution of a contract for sale and purchase of real estate, the buyer and seller must follow the contract terms, including any applicable deadlines for actions such as inspections, surveys, financing, insurance, etc., unless waived, in writing by both parties (in an addendum or separate writing). it is advisable to retain a real estate attorney to assist you navigate through all of the complexities and confusions of real estate law.
Contact Capital Planning Law, PLLC for your complimentary consultation to discuss your estate planning, probate, guardianship and/or real estate needs.