With the widespread use of form contracts, it is increasingly possible for prospective buyers and sellers of real estate to pay less attention to the precise terms of a purchase agreement than they should, leading to an increased likelihood of a dispute arising. Verbal assurances that "this is the standard contract around here" are often accepted without a complete understanding of the terms of the contract. While "standard contracts" usually incorporate the local real estate standards and procedures, buyers and sellers should be aware that a majority of the terms can be negotiated.
Should you have an attorney review your contract?
It is extremely important for all parties to be fully aware of the standards and procedures to which they are agreeing when entering a purchase agreement. Slight variations between the various form contracts used in the Southwest Florida area can drastically affect your rights and obligations under the contract, and therefore a careful review of the terms of the contract with your attorney is highly recommended. The operation of important contract terms relating to inspection periods, financing contingencies, and condominium and homeowner's association disclosures should be clearly understood by all parties prior to contract execution in order to avoid any confusion that could lead to a dispute.
In the event that a dispute does arise, contact an experienced real estate attorney immediately. Parties to real estate transactions often experience competing feelings of stress, apprehension, and excitement, and emotions can run high. A thorough examination of the contract by an experienced attorney will ensure that you are fully apprised of your legal rights and obligations and help to resolve the conflict accordingly. Contact us online or call (239) 303-4040 now!