Real Estate Contract Clauses Examples In Wayne
Description
Form popularity
FAQ
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.
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.
The Seller is selling this property in “As Is” condition. Buyer acknowledges and agrees that Buyer is accepting the Property “As Is” without any warranties, representations or guarantees, either expressed or implied, of any kind, nature or type whatsoever from or on behalf of the Seller.
"As is" denotes that the seller is selling, and the buyer is buying an item in whatever condition it presently exists, and that the buyer is accepting the item "with all faults", whether or not immediately apparent.
Example Clause: “The Buyer acknowledges that they are purchasing the property in an 'As Is' condition. The Seller makes no representations or warranties concerning the property's condition, fitness for any particular purpose, or compliance with any laws or regulations.”
Here's an example in real estate: "The seller is selling the property "as-is" condition, with any and all existing faults. The buyer accepts that they are purchasing the property in its current condition with no expressed or implied guarantees or warranties regarding the property's suitability or condition".
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.
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.
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.
There are five elements which, taken together, make a contract valid: offer; acceptance; consideration; capacity; and. intention to create legal relations.