Whether we realize it or not, all legal transactions are founded on a contract. When we go to the store and purchase groceries or visit our local hairdresser for a trim, these are legal transactions that rely on contract law.
Because of the sums involved in real estate transactions, we tend to pay closer attention to the finer details. However, unless you deal with real estate transactions every day, you might not know what you are looking for.
Outlined below are two key components that any real estate contract should contain:
Home inspection clause
You’ve viewed the house and conversed with the seller. So far so good. You’re moving forward with making an offer on the place. Before you enter an agreement, you need to make sure that you have covered all angles, including the home inspection. By having a home inspection clause, you can walk away from the deal if unexpected surprises turn up in the home report. For instance, if it turns out that the foundations of the property are skewed, you could back out of the deal.
Items that stay with the property
You viewed the house and it was filled with beautiful fixtures and fittings. You’re under the impression that you’ll be able to just move in right away with little work to be done. Ideally, you want this in writing though. The last thing you want is to arrive at a house that has been completely stripped out. If chandeliers, the fridge and the washer/dryer set are supposed to stay, spell it out.
Selling or purchasing a home is a legal transaction. This means it’s best to have some guidance behind you rather than navigating the process on your own.