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Purchase and Sales Agreement Lawyers in Orlando, Florida
Before you sign a contract to purchase real estate, consider receiving the advice of Legal Counsel, PA, a purchase and sales agreement law firm in Orlando, Florida. Even when signing a standard real estate contract, the details matter. For most Americans, a home purchase or real estate purchase is the biggest financial decision and investment they will make in their lives. Failing to understand the terms of the contract could result in the loss of your earnest money deposit or other losses. Legal Counsel, PA employs a purchase and sales agreement lawyer in Orlando, Florida who can review your residential real estate contract, help you understand your rights and obligations, and answer any questions you might have. Have questions? We have answers. Contact Legal Counsel, P.A. at 407.982.4321.
What Should be Included in Your Purchase and Sales Agreement for Real Estate in Orlando, Florida?
Your real estate purchase and sales agreement should include several details. Legal Counsel, PA is a purchase and sales agreement law firm in Orlando, Florida who can review your contract and check that important information is included and identify any red flags. Even standard contracts can raise issues, so having a purchase and sales agreement lawyer on your side can make a difference. Many blank sections of even a standard contract needs to be filled in and how the language is worded can impact your rights. Here are some things to look for before signing a purchase and sales agreement:
- The contract should identify all parties involved. This includes you, the buyer, as well as the seller.
- The property should also be properly described in the contract. Check that the address is correct and the legal description of the property is accurate. A purchase and sales agreement law firm in Orlando, Florida, like Legal Counsel, PA, can review the title to check that the description and address of the property matches the title.
- The contract should also clearly show the purchase price that has been agreed upon as well as specify the earnest money that must be deposited into escrow.
- The contract should also specify whether the buyer will need to obtain financing to purchase the property or whether this is a cash sale. If financing is required, the contract can specify the kind of financing that the buyer is seeking. For example, the contract can be contingent on the buyer finding financing at a specified interest rate for a specified term. If you are seeking financing, for example, you may want to specify the favorable financing terms you are seeking because while working on your mortgage, your lender may require a higher interest rate, which could change the affordability of your monthly payments. Legal Counsel, PA employs a purchase and sales agreement lawyer in Orlando, Florida who can take a look at your needs and help you understand how this section can be written to best protect your interests and rights.
- The contract will also specify who pays for what when it comes to providing evidence of the title, and can also include contingencies like a general home inspection and termite inspection. It is often in the buyer’s best interest to be able to perform an inspection. Typically the buyer pays for this inspection and is given a number of days to perform it. Your sales and purchase agreement lawyer at Legal Counsel, PA in Orlando, Florida can help you understand contingencies, your rights and obligations regarding them, and how to best word these contingencies to protect your rights.
- Other provisions. There may be other limitations or provisions a seller might write into a real estate contract. For example, the property may be sold “as is.” If you are purchasing a condo, the contract should also specify when condo and home association documents should be provided. The contract may also specify who will pay for what. Legal Counsel, PA employs a sales and purchase agreement lawyer in Orlando, Florida who can review any additional language and help you understand your options. Our firm can also review the contract to help you understand whether the seller is deviating from standard practice and assist you with asserting your rights.
Legal Counsel, PA employs a real estate sales and purchase agreement lawyer in Orlando, Florida who can assist you. Before you sign on the dotted line, it is important to understand what you are signing. Our firm can review your contract, help you understand the jargon, and give you peace of mind as you open escrow and begin the process of purchasing your home. Have questions? We have answers. Contact Legal Counsel, P.A. at 407.982.4321.
Purchasing Your First Home? Should You Have a Real Estate Lawyer Review Your Contract?
You’ve probably spent years saving up money for a down payment on your first home. You’ve found a property you like and are ready to put down some earnest money and sign the contract. First time home buyers (and even second-time home buyers) might find themselves overwhelmed by Florida real estate contracts. There is a lot of jargon and many details. While the language is formulaic in many places, there are other areas where the specific details matter. Failing to honor your obligations or signing a contract you don’t understand can result in the loss of your earnest money if you need to break the contract. Real estate contracts can also include provisions that can protect you should the deal fall through, such as if you discover problems during the inspection or if you cannot get the financing you need to buy the home. Legal Counsel, PA is a real estate sales and purchase agreement law firm in Orlando, Florida who can review your contract, identify issues, and include contingencies to protect your rights and interests. If you are about to sign a real estate contract, consider letting a lawyer look it over before you sign on the dotted lines. Have questions? We have answers. Contact Legal Counsel, P.A. at 407.982.4321.