Purchasing a home, investment, or commercial property is a serious transaction that can impact you for many years to come. When you enter into a contract to purchase real estate, the contract must be drafted in a way that will protect your interests. The Law Offices of Mark T. Stern is committed to protecting your financial and legal interests during all stages of the process, from making an offer until closing. The purchase and sale agreement is a critical component of this transaction, and we will ensure that you understand your rights and responsibilities under the contract. We can also negotiate terms that are more favorable to you, based on your particular circumstances.
Essential Clauses in Your Florida Purchase and Sale Agreement
When you have an experienced attorney like Mark T. Stern with you during the purchase process, you can have the peace of mind of knowing that a knowledgeable legal advisor is by your side. Your purchase and sale agreement should clearly express the terms and conditions of your agreement with the seller. Mark can walk you through essential clauses to include in your contract, such as:
As-Is Provisions
Some property owners will sell their home “as-is” to avoid potential liability or responsibility to make repairs or improvements to the property. While this type of property may be attractive for an investor if the condition allows a better purchase price, it is still crucial that you contain provisions in your purchase and sale agreement regarding inspections and other contingencies if the property’s condition affects your desire to purchase it or its value.
Title Provisions
Mark T. Stern will ensure that the sale is contingent upon a clean title and no liens or other defects against the title.
Contingencies
The contingencies that you place on the transaction are critical in protecting your interests. You may want to condition the property on, such as:
- Financing– If you rely on the funding from a third party such as the bank, you may include a contingency based on financing.
- Inspection results – You have the right to have the property thoroughly inspected to uncover any potential issues with the property. You may make the purchase contingent on the seller making repairs or offering a reasonable discount for discovered problems.
- Sale of another property – If you are purchasing a home while you currently own another home, you may want to condition the transaction on your ability to sell your existing property.
Fixtures
There are likely certain things attached to the home you want to include in the purchase and sale agreement, such as appliances or window treatments. If you are purchasing a commercial property, you may also be purchasing personal property, such as office or manufacturing equipment. These additions to your contract can make the difference of several thousand dollars, so they must be clearly expressed.
Closing Costs
Even though certain closing costs are typically assigned to the buyer or seller, you can still negotiate these terms.
Contact the Law Offices of Mark T. Stern for Help with Your Purchase and Sale Agreement
The Law Offices of Mark T. Stern is available to assist you with all aspects of your real estate transaction. We have helped individuals, businesses, and families throughout Fort Lauderdale and the surrounding areas purchase real estate for more than ten years. Contact us today to learn more about how we can make your purchase a smooth process.