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Keeping Your Options Open When Signing A Real Estate Contract
By Noel Peebles
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Before Signing A Real estate Contract...
It pays to check with your attorney for any contingency clauses you could or should be using when negotiating a
real estate contract.
Some home buyers will sign a real estate contract subject to arranging finance to the buyer’s satisfaction. Or the
buyer may include a clause in the real estate contract relating to receiving a satisfactory builders inspection, title
search or the sale of another property. The main thing is to be aware of the implications of any clause before you
sign any real estate sales contract.
As the seller you will want to keep your options open too. You might consider signing the real estate contract with
a contingency clause like:
“This contract is subject to review and approval by the Seller’s Attorney.”
(Article on Real Estate Contracts continues on right)
Keeping within the law when signing a real estate contract
Whatever you do, make sure that you keep within the law. Be careful with real estate sales contracts, be careful
what you say and be careful with your advertising.
For example, in most places it is illegal to discriminate against any buyer based on race, religion, marital status,
sex, nationality etc. So don’t be accused of discriminatory advertising with your flyers, newspaper ads etc. If you
get accused, then seek legal advice straight away. There are stiff legal, criminal and civil penalties for breaching
the Fair Housing Laws.
Also, it is important to check all legal matters with your attorney as laws and regulations can vary from State to
State and Country to Country. Before signing and real estate sales contract (or any contract) always check with
an attorney who is fully aware of laws and regulations applying to where you live (and where you are buying or
selling).
Before Signing A Real Estate
Sales Contract article
continues...
Always check the exact wording
with your attorney in advance. The
thing is - that a lot of real estate
sales contracts get signed over
the weekend when the legal
profession is not working.
Whilst it is important to “tie-down”
the buyer with a legally binding
real estate contract, you shouldn’t
be tying up your options. You
need to be able to get out of any
clauses or commitments that your
attorney thinks are unwise.
© Noel Peebles, Market Leaders ebooks.
