Almost every real estate purchase is held together by a real estate purchase agreement. The agreement dictates some basic information. It only legally needs to have three data points to hold in the court of law. It needs the address, the price, and signatures and names of the people making the purchase. This is the skeleton of a real estate purchase.
Quite frankly, a standardized agreement does not have a whole lot more than that. This is acceptable for purchases that go smoothly. But, it falls apart at the first sign of danger. Standardized agreements are especially commonplace in the real estate industry. They cause a few problems. Are standardized agreements good or are they just a “fill-in” contract with too many holes to exploit? The answer is- maybe. An Attorney Angola in Indiana should review the contract and address potential pertinent details. A standard agreement may cover some basics, but fail scrutiny when a complaint comes along. Further, a detail may not hold in court, especially if it was never explicitly stated in the agreement.
The standard agreement can open up the discussion, but it should accommodate a few priorities. This could include such details as closing period, the amount of a direct down deposit if there is one, and an inspection period date.
Furthermore, cluttering an agreement with excessive details could blow the sale. Buyers and sellers should prioritize what they find vital, and what they can forgo. The strategy of “my way or the highway” doesn’t work in real estate. It is a team effort.
Standardized agreements are a bit flawed, but they aren’t purposeless. It derives a situation where the details are actually not under contract. Or the details are so vague as to be run almost meaningless. Truthfully, all agreements should be reviewed by an Attorney Angola in Indiana. They have not a direct stake in the sale. They can offer a concise view of why it would work, and explain potential problems that lie at the root of the contract. Grimm & Grimm is a local real estate attorney office. They also cover other disciplines, such as family and civil law. Click Here to visit their official website at grimmandgrimm.com.