Video Summary
Why do I need to hire a lawyer to prepare my real estate contract? The answer to that is all the written information that’s in a standard contract you need to understand and also what your liabilities are, as far as contracts are concerned. Whether it is commercial real estate or whether it is residential real estate. Also, in the event that you are doing owner financing, I believe that you would want to have an attorney prepare the note and mortgage and that there is a lot involved as far as owner financing.
Also there is various clauses in the contract that you have a right to make an election of and that has to do with paying of assessments. If you use a standard contract you need to discuss that and have a meeting of the mind so both the buyer and seller understand the transaction and the real estate deal, the contract really, everybody understands the deal or the agreement that they made and the contract represents the understanding of the parties. And another big issue is who is paying the closing costs, what are the closing costs, whether or not we have title insurance, whether or not the buyer wishes to have a survey. If it is residential property, have the property inspected even it is an as-is contract, the seller is responsible for disclosing to the buyer any matters that may materially affect the value of the property but are not readily observable.
So there is any number of responsibilities of both the buyer and the seller as far as preparing the contract and basically it is a roadmap to the closing and if you have a lawyer prepare it, he can explain to you the provisions of the contract and protect you whether you being the buyer or the seller.
So, if you are selling your property or buying real property and would like to have your contract reviewed or a contract prepared, give me a call at 727-847-2288.