Tuesday, September 21
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Quality Real Estate Contract

Quality in a contract

An important role in the success of a real estate deal is played by the quality real estate contract. There are many types of contracts in the real estate industry such as lease purchase agreement, REO properties etc and it doesn’t matter that whether the buyer is going for which of these options but before being a party in a contract, the buyer must make sure that he is signing a quality contract. A quality contract is one that fully protects both parties and provides the highest level of legal protection to both parties. A quality contract is one that does not allow one party to cheat the other party.

Need of clauses

If you are entering a contract as a buyer then you will want to leave the contract easily if you think that leaving it is safe but you will want to charge penalty if your seller does so. On the other hand, if you are entering a contract as a seller then you will want to leave the contract easily if you think that leaving it can save your loss but you will want to charge penalty if the buyer tries to do so. Such facilities to the parties can make a quality contract. These facilities can only be provided if the agreement uses certain clauses.

Use of Clauses to maintain quality

There are many clauses that if implemented properly in a property deal provide this type of freedom to the parties. The inspection clauses, appraisal clauses, mortgage contingency clauses, and default clauses etc are some of the clauses that if used correctly will make a quality real estate contract. These clauses can make agreements easy for the parties to understand but the important point to remember is that the clauses must be used correctly. The terms used in the agreement must not conflict because conflict in the terms of the agreement may result in failure. So if the clauses are used properly in an agreement then a quality contract will be made and the parties will be ale to close the contract successfully.

Role of a lawyer

The parties may or may not know the clauses to be used in an agreement to buy or sell a property and this is where the role of a real estate lawyer comes in. The parties must execute a contract to buy or sell a property under the supervision of a reputed lawyer so that the clauses can be used correctly and no conflict or dispute arises later. A lawyer can help to maintain the quality in a contract. Keeping these factors in mind and following the instructions as advised a quality contract can be made and signed by both the parties and deal can be closed successfully.