Buying a home is a big step for any Florida resident to take, so when the time comes to begin working out the purchase details of the property a buyer should do their homework to avoid future real estate contract disputes. There are a number of elements that must be present in a residential real estate contract, but readers of this post are reminded that its contents are not exhaustive. Individuals are strongly encouraged to speak with their trusted real estate attorneys about their pending real estate purchases and contracts to protect their rights.
First, any contract for the sale of property must be in writing. While oral contracts are permissible in other contexts, the statute of frauds prevents property sales to be executed in such a way. This is to ensure that buyers get what they intended to purchase, and so that fraud may be reduced in the sale of real estate.
Second, a contract for a residential property must also include certain key terms, like the names of the buying and selling parties. All of those parties will also have to sign their agreement once all of the terms are established. A contract for real estate must include a description of the property being sold, as well as the price the parties have agreed to for the sale.
Third, an agreement concerning the sale of residential real estate should include other important clauses related to the specific sale. These can include terms regarding the financing of the home through a lender, the types of damages the parties may pursue in the event of breaches, and others.
Contracting for the sale of a residential property is a major legal transaction. Having one's contract reviewed and approved by a real estate attorney can be an important part of avoiding future residential real estate disputes and protecting one's property rights.