There is no real estate transaction that does not require a contract of some kind. Whether that be a purchase, sale, or leasing of a property, there will always be a contract for the buyer, seller, leaser, or landlord to sign. A contract is essential to ensure the transaction is law-abiding and sufficient for each party’s needs. However, the many steps and details that go into real estate can become overwhelming and time-consuming. It can be easier to decide to write the contract yourself and get the process moving.
While writing it yourself might seem like the easier route to take, there are many things to consider before taking on the strenuous task of writing a real estate contract. Depending on the situation and parties involved, writing it yourself versus having a real estate attorney may not be the path to take.
What Is Involved In A Real Estate Contract?
Various contracts are used within real estate, such as a purchase agreement, lease agreement, contract for deed, and power of attorney—all of these need certain criteria to be considered lawfully enforceable and must be signed by each party. A contract can not be executed if it is inherently unlawful. Both parties must be knowledgeable about their responsibilities within the contract and must uphold them after signing. No matter the type of contract, it will break down the specifics of the agreement and the included elements.
- Buyer and seller information
- Property details
- Purchase price
- Closing date
- Title insurance
What Can Happen If Information Is Incorrect?
Many mishaps can occur if a singular person constructs the contract. The contract will be considered invalid and voided if a party’s name is misspelled or the finalized property price is written wrong. This can lead to a new contract being written up or the other party losing trust. In the end, the contract will not go through if there is wrong information, even if it is as small as a decimal in the wrong place.
With all the minute details necessary in real estate contracts, writing one out takes time and energy to ensure that it is correct and lawful for both parties involved. A contract must also be proven legal and follow all the laws for that circumstance. If this is found to be wrong, the contract will be voided.
What Is The Best Course Of Action?
Each circumstance around a real estate transaction will be different, and the question of who writes the contract can depend on time, money, and the people involved. With the option of the whole process starting over again if the contract is found to be incorrect or unlawful, it might cost more time to write it yourself.
A trained professional such as a real estate attorney is needed to write the contract to ensure that your real estate contract is correct, lawful, and considers both parties’ needs. They can help the process be faster and smoother for all involved and finalize the transaction without any following issues.
If you are about to enter a real estate transaction, ensure your rights are protected. A real estate attorney can help. Reach out to Hartmann Law today.