Real Estate Contract Clauses Examples In Broward
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Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
Example1: “The Buyer acknowledges that the property is being sold 'as is' with all faults and defects, whether known or unknown, presently existing or that may hereafter arise. The Seller makes no warranties or representations of any kind regarding the condition of the property.”
Writing your own contracts is perfectly possible, and legal. But it's also an incredibly bad idea. There's two reasons for this: Property law is complicated. Because it's such a fundamental part of legislation, it's often lots and lots of different laws layered on top of each other.
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.
Eg. Conditional upon Buyer getting Financing (mortgage approval) or Conditional upon Inspection of the property by a home Inspector. If there is a Condition on Financing & Inspection (for example) for 5 days, it means the Seller has agreed to accept the Buyer's offer and can't accept any other offers.
Why You Need a Business Contract Lawyer. If you're asking whether you need a lawyer to draft a contract, legally, the answer is no. Anyone can draft a contract on their own and as long as the elements above are included and both parties are legally competent and consent to the agreement, it is generally lawful.
These include indemnification, force majeure, copyright, termination, warranties and disclaimers, and privacy. Without including these important clauses in your business contracts, you may find yourself facing exorbitant legal fees, legal battles that could last for years, and intellectual property theft.
As explained, real estate contracts have clauses that outline the details of the transaction, including what each party is agreeing to and who has responsibilities in executing the sale. Most states have standardized agreements that have the necessary clauses included.
