Creating or reviewing a purchase contract for a residential property
When a client uses a realtor, the realtor will normally draft the purchase agreement. We offer a free contract review for any clients of ours, or clients of a realtor who are referred to us. In providing this service, we review the agreement, discuss the legal implications of any terms and conditions with the buyer, review the title to the target property, and then explain the charges on title. This process empowers the buyer to become fully aware of what they are buying, and how the terms in the contract affect what they can or cannot do, prior to removing subjects.
Where clients are not using a realtor, they may try to draft their own purchase agreement, but we always recommend that we draft what is the key document in a transaction worth a great deal of money. Saving a few hundred dollars in costs by drafting your own purchase agreement is quite likely to cost many thousands of dollars should there be an issue and should the contract be deficient in an area that didn’t seem too important when both sides were happy, but is now open for differing interpretations by each side.