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Know These 3 Important Aspects of a Real Estate Contract

real estate contractDealing with real estate can be extremely stressful for both the property owner and the prospective buyer/renter. Real estate contracts should be thoroughly filled out, but if both parties are unsure about any aspects of real estate law, some serious problems could occur.

That’s why working with an experienced real estate attorney is essential when handling property deals. These attorneys are familiar with real estate law and can assist throughout the entire buying or selling process. It’s up to you to get in touch with an experienced attorney. If you wish to speak to a professional real estate law firm, contact the DiJulio Law Group today.

In California, the State of Frauds requires at least three types of real estate contracts to be in writing: any lease that’s over one year, any commission agreement between licensees and principals, and any documents of sale for the property.

Along with having proper documentation, there are a few other important aspects of real estate contracts that are necessary for all parties.

The Closing Date

The closing date must be present on the contract. Usually, it takes between 30 to 60 days to close. This information is essential for the deal because both parties could have other properties they plan on living in for a few months until the deal goes through. You might also have to get settled in at a new job if you’re moving to a new area, so it’s important to know exactly when you can move in and start getting things in order.

Inspection Clause

A home inspection clause allows the buyer to completely walk away from a deal if significant damage is evident. Unfortunately, there are real estate sellers who try and take advantage of buyers, so make sure you and your attorney schedule thorough inspections before, during, and after the buying process.

Financing

One of the most important aspects of any contract is simply the finance terms involved. All mortgage information should be outlined in the contract and it should state that the offer is contingent upon financial backing at a specified interest rate.

Real estate deals and contracts should be taken seriously because these are important documents that have a direct effect on your future. Call the DiJulio Law Group today if you want to learn more or speak with an experienced attorney.

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