Residential and commercial real estate transactions are complicated and often include constantly changing dates, terms, and conditions. An experienced real estate attorney can track these changes and handle contract negotiation, drafting, and reviewing purchase and sales agreements and other real estate contracts to ensure that they are properly drafted, say what you intend them to say, and comply with state and local laws.
At RKPT, our real estate attorneys have more than 50 years of experience representing buyers and sellers in residential and commercial real estate transactions. Our lawyers approach each and every transaction with careful consideration of our client’s needs and deliver a creative and practical solution.
Drafting Real Estate Contracts
A contract is a legally binding agreement between parties, which acknowledges the rights and obligations that govern the transaction. Drafting a real estate contract refers to the process of writing down the terms and conditions of the agreement. The objective of drafting a real estate contract is to create a legal document that is clear, concise, and accurately represents the parties’ intentions.
Parties to a real estate contract may go through extensive contract negotiation and multiple versions of the agreement before the contract is finalized and approved. In addition to formalizing each party’s rights and obligations, the process of drafting a real estate contract allows the parties to discuss the terms of the contract before it is finalized and becomes binding. This back and forth can help prevent future legal disputes. And if a dispute does occur, the contract serves as evidence of the parties’ original intentions and obligations.
While real estate contracts often contain common terms and provisions, an experienced real estate attorney can help identify any specific legal issues that will be present in a real estate transaction and draft a contract that will protect your unique interests. An attorney will also ensure that there are no defects in the title to the real estate and, in the case of commercial properties, explain and negotiate any terms relating to relationships with tenants.
Real Estate Contract Negotiation
Real estate transactions require a written contract. Reaching an agreement on the terms of a contract requires an offer, often a counter-offer and, ultimately, acceptance. The full process of contract negotiation can be a quick one, with all parties happy with the terms right away, or it can take numerous back and forths between parties before the process is completed.
Buyers and sellers of real estate often expect to negotiate the purchase price. But there are many other terms that can also be negotiated before reaching an agreement and memorializing the deal in a written contract. This can include repairs to the property, a timeline for transfer of ownership, or other issues that are unique to the transaction.
Buyers and sellers can both benefit from real estate contract negotiation. They can save thousands of dollars and negotiate the precise details of a transaction before finalizing their agreement to ensure all parties agree with the terms of the contract.
Contract review occurs when a party to a contract hires an attorney to review the terms and conditions of an agreement. An attorney knows and understands what a contract is supposed to do and will review the contract to clarify ambiguities and avoid potential disputes.
A real estate attorney can also explain the terms of a contract and ensure that it accurately reflects the intentions of the parties. A lawyer will look for certain terms and ensure the contract is clearly written, avoids ambiguity, and complies with the law.
Advantages of Having an Attorney Draft, Negotiate, or Review a Contract
Having an attorney draft, negotiate, or review a contract will:
- Help prevent a breach of contract and other disputes
- Ensure the contract is legally enforceable
- Create a clear reflection of the understanding, duties, and obligations of the parties to the agreement
- Ensure the contract reflects what the parties intended
- Incorporate beneficial terms that a party may have overlooked
Real estate contract negotiation, drafting, and review can be a complicated process. An experienced attorney will ensure that your contract complies with all applicable state and local laws and will be valid in the event of a dispute.
A lawyer will also help negotiate the terms and conditions that are favorable to you, explain any terms you do not understand, and answer any questions you have about the meaning of the contract. If a dispute does arise, an attorney can take action against the party who violated the contract and help you resolve the dispute, either through negotiation or litigation.
RKPT: Ohio Real Estate Attorneys
RKPT has represented buyers and sellers in residential and commercial transactions for more than 50 years. Our attorneys guide buyers, sellers, financial institutions, developers, franchisees, national retailers, and others through commercial and residential real estate transactions across the country. We approach each transaction with careful consideration of our client’s industry and unique needs, and deliver a customized solution that is creative and practical.
Over more than five decades, we have developed a reputation for professionalism that has given us a network of resources that can be brought to bear on a transaction, should the need arise. We also operate our own title company, Safe Title Agency, Inc., which allows us to close your transaction efficiently and with a unique focus on customer service.
If you need assistance drafting, negotiating, or reviewing a real estate contract, contact RKPT.