Rushing through a transaction or poor preparation can have long-term consequences for the purchase of a major asset, such as a house or other real estate. This can also lead to real estate litigation or weaken a person’s position in any lawsuit. A purchase and sale agreement, accordingly, should be carefully prepared and considered.
This agreement sets forth the terms of a real estate purchase. Under Florida law, a judge must treat you as if you read every word in that agreement before it was executed.
Unfavorable terms in the agreement may not be revised or avoided after it is signed. Even terms in boilerplate or pre-printed forms may be negotiated or changed.
A purchase and sale agreement may have important provisions that should be carefully considered before signing. These can include things like the legal description or parcel identification number that should match the information provided on the dead. It will also spell out the payments that are due, as well as the date of possession.
It could also discuss things like window treatments, fixtures and appliances that are part of the offer. There may be a time period for when the offer can be accepted or refused, and a time period for an inspection thereafter.
Property defects should also be included, as should information about related payments like property taxes, those to any real estate brokers, and special assessments.
If this feels like a lot – it is, and the list isn’t exhaustive. An attorney can help review these and other real estate transaction documents. They may also help assure that a party’s rights are protected in these transactions.