Real Estate Contract Clauses Examples In Miami-Dade
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Upon expiration or termination of this Agreement, neither Party shall have any further obligation under this Agreement except for obligations due and owing which arose prior to the date of termination, and obligations, promises or covenants contained in this Agreement which expressly extend beyond the term of this ...
In real estate contracts, there are contract clauses that outline the terms of the agreement and responsibilities of each party. The contract clauses address all aspects of the sale terms and are legally binding once both parties sign the document.
For example, if you obtain a mortgage to buy a home or property and that property is then destroyed in a hurricane, the mortgagee clause would ensure that the loss would be payable to your lender even though it's part of your standard insurance or hurricane insurance policy.
The sentence "When it rained they went inside" consists of two clauses: "when it rained" and "they went inside."
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.
There is a specific form for Florida buyers and sellers to use for a standard agreement and another form for an “As-Is” real estate transaction.
To be legally enforceable, an agreement must contain all of the following criteria: An offer and acceptance; Certainty of terms; Consideration; An intention to create legal relations; Capacity of the parties; and, Legality of purpose.
The Five Elements of a Contract Offer. Acceptance. Consideration. Capacity. Lawful Purpose.
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.
