Real estate sales and purchase contracts
What is a real estate sales or real estate purchase contract?
When real property (land with or without improvements) is sold by sellers and purchased by buyers, real estate brokers or agents are often hired to help with the transaction. Real estate brokers, agents and salespeople are licensed and regulated by local state laws and a real estate contract between a buyer and seller of real estate is governed by general principles of contract law and individual state laws.
To prevent potential fraud, the sale or transfer of real property is almost always required to be in writing. An attorney and/or a title insurance company is frequently employed to research and investigate a real estate title’s legal marketability.
Do you need an attorney to help review a real estate sales or purchase contract?
Yes – Due to the prevalence in legal language, people can have difficulties understanding the complexities of certain real estate provisions in real estate contracts. It is important to understand legal risks associated with real estate contracts and an attorney can help identify such risks so you are in a better position to manage those risks by negotiating more favorable terms in real estate contracts. This will also enable parties to perform their obligations better.