Real estate sales are almost always complex, which is often reflected in a detailed contract outlining the terms of an offer and the conditions under which it is accepted. This document is a legally binding agreement which should protect the interests of both parties and accurately describe the negotiated terms of the sales agreement. Because seemingly inconsequential errors can have significant consequences if a dispute arises, it’s always in your best interests to have an attorney review the paperwork before signing.

Real Estate Contract Mistakes to Avoid

1. Leaving Blank Spaces

Because real estate contracts are so complex, it’s not uncommon to overlook some sections or entire pages. Unfortunately, leaving blank spaces can invalidate the document, or leave you open to litigation if the other party disagrees with your interpretation of the agreement. Before signing, carefully examine the paperwork to ensure nothing was left blank.

2. Using Contract Templates

Real estate agents typically use standard boilerplate sales contracts, which are then updated and revised to reflect the specific terms and conditions of your agreement. However, when they forget to do so, the document you’ve given many not accurately reflect the negotiated deal. It’s always best to have an attorney review the paperwork and draft any revisions.

3. Unreasonable Deadlines

Real estate closing is a complex process that can take several weeks to complete. First-time buyers often agree to unreasonable closing deadlines, only to have the contract invalidated when they can’t secure a mortgage or complete other requirements on time. Your attorney will help decide whether the closing date is within a reasonable time frame and doesn’t fall on a weekend or holiday.

Buying or selling a home can be complicated, which is why clients throughout North Andover, MA, turn to Bernardini Law P.C. for quality guidance and legal expertise. The attorneys focus exclusively on real estate, so you can be confident that their advice is based on years of experience and a detailed understanding of the law. Visit the website for an overview of their services, or call (978) 794-5525 to arrange a consultation today.