Goldie Sommer is an attorney who has conducted over ten thousand real estate transactions during her career.
Real estate contracts can be very confusing. Many of them consist of multiple pages and contain language that is hard to understand. The key to understanding every contract and every item in the contract is preparation. If you take your time to read the contract before you sign or negotiate it, you’ll be in a much better position.
You always want to have a written contract when buying, selling, or renting real estate. There are several reasons for this. First, a contract needs to be in writing to be enforceable. This reduces the number of potential misunderstandings and issues. While you can buy a house or rent an apartment without a written contract, you can’t do anything in case the deal doesn’t turn out the way you originally thought it would. Next, covering as many issues as possible in a written contract helps all involved parties have the same understanding of the deal. Finally, you want to have a way out of the deal in case something unexpected happens.
Your attorney will review the contract carefully to protect your interests. If you attorney is using a preprinted form contract, is it important the form corresponds to the type of transaction that you are about to make. For example, a contract that covers a residential sale needs to have inspection and financing clauses as part of it, which experienced attorneys such as Goldie Sommer will always point out to you.