Not everyone who buys or sells real estate is a lawyer, many people do not know exactly what should be included in a contract governing this type of transaction. The document must be well prepared, have clear clauses, do not give room for ambiguous readings and must be designed according to the particularities of each transaction. It is essential that you have a lawyer when selling any kind of real estate because it would definitely save you lots of money, time and avoid having all sorts of problems all along.
Be safer, always.
Some clauses cannot be missed on a contract: Data involved property description, the amount and form of payment, obligatory delivery of documents from the seller, unemployment period, status of the previous debts and penalties for non-compliance with any of the agreement.
The problem is that in many cases, buyers and sellers resort to standard contracts made by real estate, which does not always include the needs of each party. The contract is something inseparable and complex. Each document must be unique, and each property has its particularity. What to valley cannot be true for another?
If you don’t do it right fast you might have issues.
Situations like having a broken contract show the importance of making a well-written contract with not only a real estate agent, but also with a lawyer, tailored to the needs of the parties. But how to know if a document fits that description? You need to get advice from a lawyer, whether in a real estate agency or not. Follow the tips!
Qualification of the parties
The contract should set out all the personal data of both the seller and the buyer, as like as: name, marital status, nationality, profession, ID number and full address of residence.
The lawyer recommended that the description in the contract is identical to that which appears in the property registration in the Registry Office, which contains detailed information of good and even the surrounding buildings.
Besides the exact value of the sale, the contract must detail the terms of payment. If installments shall bear the due date of each installment, ask your real estate agent for help. It is also important to indicate how the seller will receive – in cash or by check, bank transfer, etc. – so that payment is always done as agreed and it is properly registered.
Make sure you also add a clause requiring the seller to present any document to prove its suitability, as well as papers attesting that the property is free and does not run the risk of being enrolled in lawsuits, such as inheritance and seizure.
If the property is used and is busy, you must include a clause which sets the date that owner or tenant should leave it.
The contract should make it clear that any debt contracted before the keys are the sole responsibility of the seller.
This is one of the most important clauses of the contract, because it defines the obligations of each party, if any clause is violated. It should also stipulate the amounts to be paid if this happens.
If you have doubts have a real estate agent beside you!
See more about real estate short sale here: http://homeguides.sfgate.com/real-estate-short-sale-definition-7236.html