Any real estate deal you get involved in will, inevitably, involve negotiating a real estate contract. This complex legal document may seem dull, but the terms it contains could have a substantial impact on both your sale, as well as any potential legal issues that might arise. But what exactly is in a real estate contract, and why might it matter?
What is a Real Estate Contract?
A real estate contract is essentially what it sounds like: a formal legal agreement between a homeowner looking to sell their property, and a buyer looking to purchase it. However, real estate law can be complicated, and the contracts that govern real estate transactions can be appropriately complex. The contract lays out basic requirements for both sides of the transaction, as well as laying out what happens in the event that something goes wrong.
What Might Be in a Real Estate Contract?
In addition to basic terms like the sale price, information about the property itself, and the closing date, the contract will also lay out the legal and financial responsibilities of both parties. This may include things like requiring the buyer to obtain pre-approval on a mortgage before closing, or requiring the seller to have their house inspected for potential defects. It also lays out who is responsible for closing costs, including things like taxes, agent fees, and insurance costs.
What Might Happen if Someone Violates Their Contract?
If someone violates the terms of their contract, what happens will depend on the nature and severity of the violation, as well as when the breach of contract is discovered. If it is discovered before closing, it may mean the transaction gets cancelled, and the violator may be responsible for certain costs or fees. If it happens after closing, however, there may be months or years of litigation to look forward to, as the courts sort out the ensuing mess.
What Should You Do?
The best way to avoid this kind of a legal headache is to speak to a lawyer with experience handling real estate matters. They can help you review the terms of your case, and ensure you get the best possible outcome for your situation. The sooner you get in contact, the sooner they can begin working on your case.
For more than 50 years, the New York lawyers at Elovich and Adell have represented clients like you in real estate cases. Our attorneys, conveniently located in Long Beach, handle personal injury, real estate, commercial transactions, criminal defense, and labor and employment claims all across New York State. For a consultation, please call us at 516-432-6263 or visit our contact page for more information.
