Legal Guidance From Attorneys Who Care

What makes a real estate contract valid?

| Oct 13, 2021 | Real Estate

When you’re buying a home, the one thing you want to be sure of is that your contract is legally binding. You don’t want to find out later that there was a problem with your contract or that it isn’t protecting you in the way you expected it to.

Do you know what to look to include in it to ensure that it holds up in a court of law?

Details real estate contracts should include

real estate contract is the key to your purchase, so it needs to meet the requirements set by law to be valid. Those requirements include:

  • That the purpose of the agreement is legal
  • That you are exchanging two assets of value (in this case, property and money)
  • That the contract is in writing, not verbal
  • That the contract includes the offer as well as noted acceptance or consideration

Your contract, which is also known as the purchase and sale agreement, should have several other information pieces included in it, such as:

  • The price of the property
  • The closing date
  • The sale date
  • Information about the earnest money deposit
  • Details about the inspection
  • Details about utilities, fees and taxes

While Florida doesn’t require you to have an attorney present at closing, it’s smart to have your attorney go over the contract before you sign it. Since the closing process can be complex, it’s wise to have someone go over the title, general purchase and sale agreement and other aspects of the purchase to ensure it’s legitimate and that the contract provides the protections you expect. This will minimize the chance of any disputes arising in the future that you weren’t planning for. 

 

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