Purchasing Florida real estate is a lengthy process. There are typically several weeks between when a seller accepts an offer and when everyone signs the closing paperwork. Buyers have to not only secure financing and prepare for the challenges of moving house, but they must also make an offer that is tempting enough to attract the interest of the seller.
Oftentimes, enthusiasm about a property overshadows the need for personal protection during real estate transactions. Buyers rush in, making the best and highest offer they can. They may then end up at a serious disadvantage should anything go wrong. The language included in a real estate offer can help mitigate the degree of risk for someone buying real property. For example, the three contract inclusions below are crucial for the protection of those making an offer on real property.
Terms about property expectations
Perhaps the buyers fell in love with the landscaping in the backyard or the hardware in the kitchen. While there is usually an expectation that fixtures and plant life remain with the property, sometimes sellers intend to remove or retain certain property components. It is therefore crucial that buyers include terms related to any fixtures or other property components that influence their decision to make an offer.
Appropriate contingencies
Many things can go wrong between when a buyer makes an offer and when the transaction goes to closing. Proper contingencies in an offer make it easier for the buyer to cancel the closing or renegotiate with the seller. Without contingencies, part or all of the buyer’s earnest money could be at risk if they decide not to follow through with the transaction.
Post-closing occupancy terms
Ideally, a seller is ready to move out promptly after the closing takes place. However, a competitive real estate market and other factors might lead to a delay. Post-closing occupancy agreements incentivize sellers to leave and help compensate buyers if there is a delay when they want to take possession of the property.
Many buyers derive the most protection during real estate transactions from partnering with a lawyer rather than an agent, who may only have a very basic understanding of contract law. Adding the right terms to purchase agreements can be crucial for the protection of those seeking to acquire real property.