Tips to Understanding Contracts

Real estate contracts can be daunting, but understanding the terms and conditions is very important to protect yourself. Here are some tips to help you.

Read Carefully

Take your time to read and understand each contract provision. Pay close attention to purchase price, contingencies, deadlines, and both parties’ responsibilities.

Keep records of everything.

For future reference, keep copies of all signed contracts, addendums and relevant documents. This paperwork is critical for settling disputes or dealing with any concerns that may arise in the future.

Keep deadlines in mind

Contracts frequently include specified dates for procedures such as inspections, loan application, settlement date, etc. Be aware of these deadlines and make every effort to meet them in order to avoid problems.

Seek professional advice

If you have questions regarding specific clauses or legal language, speak with an experienced real estate attorney. Your REALTOR® can connect you with the best in the business if you aren’t already having one represent you for settlement.