Top 3 Reasons Why You Should Not DIY Your Real Estate Contract
Buying or selling a home is generally a very significant event. While real estate contracts are typically prepared by an attorney or a realtor who charge fees, have you thought that maybe you could try to prepare the contract yourself in an effort to save some money? Let us review three reasons why you should resist the temptation to “DIY” your real estate contract, and save your “do-it-yourself” projects for your new home.
1. The contract language is incredibly important. The terms of the purchase and sale of real estate are memorialized in the real estate contract, making the real estate contract an essential document for all parties to the sale. Any dispute between the parties that takes place before the closing on the sale of the property should be governed by the contract, so it can be imperative that the terms of the contract reflect the true agreement and intent of the parties. If you do not practice real estate law or have a real estate license, you may be exposing yourself to risks and liabilities that are not in your best interest by trying to draft the contract yourself.
2. Forms are not always the same. Although the availability of forms may make the preparation of the real estate contract seem easy and straightforward, there can be different forms for different types of sales and it can be important to understand the forms and their purposes. Additionally, the “standard” provisions in the form are often not applicable to the specific deal and may change the terms of the agreement if they are left in the contract. Someone well-versed in these forms should be consulted so that you are able to ensure the deal is memorialized as the parties intended.
3. Florida law applies. Florida has its own specific laws governing real estate transactions taking place in the state. These laws impact what provisions must be included in the contract and how the contract will be interpreted. It can be imperative that the person preparing the real estate contract for you is well-versed in these laws so that you can be certain that your rights are protected in connection with the real estate transaction.
To help ensure your real estate transaction is properly handled, please contact our office to schedule an appointment.