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What should I know about a real estate contract?

Whenever a person is involved in a real estate transaction, whether they are buying or selling their home, they will have to sign a contract. There are a number of different factors that are involved in a contract. It is important that you have an experienced real estate attorney that can review your contract to make sure all of the verbally agreed upon factors are in the contract as discussed.

Some of the things that are included in a real estate contract include terms regarding the purchase or sale of the home. Within that includes the purchase price of the home, the mortgage rates, interest rates, etc. There are certain other factors that may need to be included in the contract, including whether the buyer is using a VA or FHA loan. In addition to these costs, it is important that you include an agreement about the closing costs, which generally include fees for escrow, title search, title insurance, notary, and anything else. The buyer and seller can negotiate who will pay for which costs. In some cases, closing costs may include the cost of repairs that the home may need.

The contract may also include information regarding the home inspection as well as the date in which the official closing date of the home will be.

If you need an experienced real estate attorney to look at your contract, contact our firm today.

If you require experienced legal representation for any of your residential and commercial real estate, bankruptcy, or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.

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