Is it possible to create a purchase contract of real estate property on your own? It may be possible; however, it sure is not a wise idea. Without the advice and guidance of a competent real estate attorney, you run a gamut of risks – failing to protect your rights, missing important clauses, and so on.
What are the essential points to include in the contract? Your attorney is the best judge of this. However, here is a look at some important ones that you must not miss.
- Purchase price of the property
- Amount of down payment and the entity responsible
- Escrow related details, if any
- Closing date, time, and other details
- Description of property with address
- Details of inclusions and exclusions
- Mortgage-contingency clause – giving the buyer to opt out if he fails to obtain the necessary loan
- Inspection-contingency clause – giving the buyer the right to walk out of the deal if the home inspection turns unsatisfactory
- Provision for good title and any restrictions on it
- Responsibility for insurance until the closing date
- Disclosures, as necessary under the federal and state laws
- Closing costs related details
Your real estate lawyer Vancouver would know which provisions to include in this contract to protect your rights and maximize benefits. If you did not find an attorney before you signed a purchase contract, you need to include a lawyer-approval clause in it. This would give you the advantage of getting lawyer approval before you go ahead.