Drafting & Negotiating Real Estate Contracts
IN CORAL SPRINGS, FL
Drafting & Negotiating Real Estate Contracts
The real estate contract is at the heart of a real estate deal–critically important to both buyers and sellers. This contract locks in the purchase price and timetable, of course. But it also commits the real estate buyer and the seller to other conditions, too.
In Florida, it is often customary for a buyer to make an offer through their Realtor without having a lawyer review the contract. Ideally, however, the real estate purchaser and seller should each run that contract by their own (separate) real estate lawyers experienced in negotiating such contracts before the offer is presented or accepted. If this cannot be done, the parties should add the words “subject to my attorney’s review within 3 business days” into the contract they do submit, and then get it to a Florida real estate lawyer within a day.
Too often, people who have not done this come to me with a contract that is already signed and therefore can’t be drafting negotiating real estate contracts, even though it may contain provisions they don’t like or understand. Many attorneys, myself included, will waive their fee for performing a contract review when they are hired as the closing agent on the deal.
A Florida real estate lawyer can also draft a real estate contract for you, especially helpful if you are buying or selling in a “for sale by owner” situation without a Realtor involved. The Law Office of Gary M. Landau, located in Coral Springs, Florida, frequently drafts contracts for South Florida real estate deals.
Although some people believe there is a “standard contract,” that is not actually true. There are several preprinted contracts often used in Florida real estate deals, but clauses in each of these can be negotiated by the buyer or seller when agreeing to their deal on their home, condo, or business office.
When negotiating or reviewing a real estate contract, our law office especially focuses on the following:
- What is the purchase price and closing date?
- How much money is the buyer putting down as a deposit?
- What is the financing contingency (e.g., what happens if the buyer can’t get a mortgage)?
- How long is the inspection period? (This is the time the buyer has to get the property inspected and to back out of the deal if something turns up.)
- Are any fixtures or other items being sold with the unit?
- Is the seller disclosing any hazardous conditions such as radon gas in the home?
- Is the seller making any other disclosures, such as plumbing or roofing problems and the like?
- Who pays if the condominium or homeowners association issues a special assessment before the closing?
Contact us by phone or email for a FREE consultation to learn more about our firm and how we can help you with your drafting negotiating real estate contracts, purchase or sale. Attorney Gary Landau personally returns all calls to him.
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REAL ESTATE ATTORNEY VS A TITLE COMPANY
When you sell your home in Palm Beach County, Florida, or buy one in Coral Springs, in most cases you get to choose your closing agent. Selecting the Law Office of Gary M. Landau means you’ll have a lawyer representing your legal interests throughout the deal, something a title company does not do, in addition to providing the title insurance and handling the closing. This gives you extra services for no additional money.
Since real estate is the biggest investment most people make, it’s important that you choose the right professional to handle your closing.
STEPS NEEDED TO CLOSE ON A REAL ESTATE DEAL
Refinancing your home requires a similar type of closing as a new home purchase, with a closing agent overseeing the various legal elements and paperwork. Your lender may ask you to use their closing agent for your refinancing, but under Florida law you can select any closing agent you desire.
Choosing the Law Office of Gary M. Landau, P.A. can save you money on your title insurance premium during refinancing if you have a prior owner’s title policy from when you purchased your home.
Please fill out the short form below. We will usually respond within 1 business day but often do so the same day. Don’t hesitate, your questions are welcome.
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