Wednesday, April 17, 2013

Real Estate Contract Terms Are Negotiable

As the real estate market begins to recover, it is more important than ever to understand the contracts that you are asked to sign whether you are purchasing/selling or leasing your home. While you may be presented with a pre-printed standard purchase contract or lease, each term is negotiable and should be looked at as such. Not only is it important to understand what your responsibilities are under the contract, it is equally important to understand the consequences of not performing those responsibilities.

All too often, we are asked to review a fully-executed purchase contract only after a problem has arisen between the purchaser and seller. The majority of the time, we find out that one or both of the parties did not understand their duties and responsibilities under the contract. While a good real estate agent can serve a vital role in the purchasing, selling or leasing process, they cannot give you legal advice. Buying or selling a home is one of the biggest and most important investments of your life. Hiring a real estate attorneys to review your contract prior to executing it can not only give you peace of mind in your decision, but it can also end up saving you thousands of dollars in attorneys fees if you are caught in a dispute later in the process.