Understanding Real Estate Contract Clauses

When it is time to buy a house, you can be put into a sticky situation if you are not careful with reading over the home purchase contract. It is essential to consult with your real estate lawyer before signing any agreement to ensure you know all that comes with it. Furthermore, a home purchase contract can be very long and a lot of information to process, this is why hiring a real estate lawyer is an important use for you.

ChangLegal is here to provide you the a few of the essential things that a home purchase contract includes:

– Address of the property
– Price you are offering for purchase
– Down payment amount
– The time elapsed that is allowed for the seller
– Date the sale will be closed
– Date of you taking possession of the home
– Items/furniture included in the purchase of the property
– Items/furniture not included in the purchase of the property

These are only a few of the general factors involved in a home purchase contract. It is important to contact your real estate lawyer if the seller initiates any counter offers, such as the following:

– Higher purchase price
– Eliminating certain contingencies they do not feel is necessary
– Removing items from the same such as furniture and appliances
– Time for seller to empty the house of items not included in the purchase
– Seller is allowed to a liquidated damage clause which entitles you to pay them if you back out of the deal besides any contingencies listed in the contract

Contact Your Real Estate Lawyer

If you and the seller are going back and forth with negotiations and you feel that you are making no progress with the purchasing of the home, then it may be time to contact your real estate lawyer. Hiring a real estate lawyer from the start of purchasing a property will speed the process up. ChangLegal has been practicing in real estate law for over 15 years, contact us about your real estate issues and to learn more about how we can support you today.