3 Common Real Estate Contract Mistakes You Should Avoid
In California, it takes roughly 40 days to close on a house. Although 40 days is a reasonable amount of time to close on a piece of property, real estate contracts can often be so complicated that the final sale takes much longer to complete. That's why it's so important to contact a real estate law firm in the event of a contracting dispute.
These real estate law cases can be extremely difficult and real estate law firms will provide you with an experienced attorney that can help you throughout the entire process. Here are a few real estate contract mistakes that are commonly made that can impact the closing date and the entire property sale.
Not Have Everything In Writing
Even if you have a thorough, detailed conversation going over every aspect of the contract and verbally agreeing with each person involved in the sale, nothing will hold up in court if it's not in writing. This is the case for just about every single transaction in the United States: get it in writing. Don't just write vague details pertaining to the agreement, either. You should write down as much as possible and spell out all the complicated intricacies involved in the real estate contract.
Not Including a Possession Agreement
Having a specific possession due on sale clause is extremely important for real estate contracts. Because the seller might be willing to sell the property but not be prepared to actually relocate within the allotted time frame, there could be serious issues that arise if both parties are expecting to live in the same house at the same time. To avoid these complicated problems, however, simply add a possession agreement to your contract. In addition, if you're the buyer, you should consider insurance and liability aspects involved with the possession of the property as well so the seller can't sue if any injuries occur while moving.
No Prior Discussions Between All Parties Involved
If you aren't meeting beforehand with all real estate agents, buyers, and sellers who are involved in the contract, you could end up being surprised by a certain detail within the actual contract. Rather than having any major surprises come up during the contract singing process, be as transparent as possible with everyone involved in the sale so everyone feels heard and all the information is out there.
If you want to learn more about what contract mistakes you should avoid when dealing with property sales, contact a real estate law firm you can trust. Contact DiJulio Law Group toady.