OVERVIEW OF THE RESIDENTIAL REAL ESTATE
CONTRACT FOR PURCHASE AND SALE
Real Estate Lawyer
A Contract for the Sale and Purchase of Real Estate has a number of components, which can be confusing and oftentimes 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 the individual or entity selling your desired Real Estate. Upon receipt of an offer, a seller can either accept the Contract on your terms, or counter offer on different terms. If you receive a counter offer, a contract has not yet been executed, but rather the ball is back in your court. At this point you may either accept on the seller’s counter offer or continue to negotiate.
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 flexibility in choosing your terms depending on the county you reside in and the flexibility of the other Party to the transaction.
Once the terms are mutually agreeable and signed by both Parties, a executed Contract exists. After the execution of a Contract for Sale and Purchase of Real Estate, the Parties must follow the Contract terms, including any applicable deadlines for actions such as inspections, surveys, financing, insurance, etc., unless agreed to otherwise, in writing by both Parties (in an addendum or separate writing).
In conclusion, it is highly advisable to retain a knowledgeable Real Estate Attorney in order to help you navigate through all of the complications and confusions which may occur when purchasing or selling Real Estate property.
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