Keys to a Successful Luxury Real Estate Transaction: Part I
Part I: Have an Experienced Real Estate Attorney Review the Contract
Mistakes in real estate contracts can cause major issues. A proper review of the contract can provide useful information to the parties involved. One of the first steps that should be taken to help a real estate transaction run as smoothly as possible is having luxury real estate attorneys review the contract. An experienced real estate attorney can review the contract to make sure parties are protected in the transaction. Although an attorney is not required for a real estate transaction, having knowledgeable professionals represent each party’s best interests may help prevent issues from arising in a luxury real estate transaction.
A contract will provide an experienced attorney a plan for a successful closing. The attorney should review the contract and create a checklist of the items required for closing. While form contracts are often used to ensure that all necessary matters are included in a contract, a contract does not have an agreed list of essential terms. The essential terms vary from transaction to transaction. Any contract for the sale of real property must be thorough and an attorney can identify issues in the contract that should be corrected.
A contract should always list the parties to the contract. Parties to the contract may include the buyer and seller, real estate brokers, and escrow agent. Each party’s name, role, and contact information should be included. Additionally, a description of the property must be included. A description of the property should include the legal description as well as the property address. Also important is information regarding the purchase price. An attorney will want to know the full purchase price, amount of deposit, name of the party holding the deposit, the type of financing, and the balance to close. Further, conditions with respect to title in the contract are important for the attorney to review. These are just some of the terms that our Fort Lauderdale real estate law firm will examine to ensure a successful closing.
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The Fort Lauderdale luxury real estate attorneys at Schecter Law have represented buyers, sellers, brokers and developers in connection with the acquisition, development, and sales of luxury real estate since 1976. The real estate industry in South Florida is fraught with potential land mines that only seasoned luxury real estate attorneys are equipped to successfully navigate. Our attorneys will represent the client throughout the entire real property transaction, from review and drafting of the purchase and sale agreement through the providing of title insurance.