What does the law require in a real estate contract?
If you are selling your home in Florida, it is essential to ensure you have a legal contract. While you may have professionals who create the contract for you, knowing the proper elements required by law will help you to understand the process better and ensure the contract you use is completely legal and valid. The Florida Realtors explain what you must have in your real estate contract.
The first important thing to keep in mind is that your contract must be in writing. There are only limited situations where an oral contract works, so always make sure any real estate transaction has a contract that is in writing.
Beyond that, there are certain things that must be in the contract. You need to explain the terms and conditions of the transaction. Make sure you include details. You must ensure you clearly write out all terms and include an exact description of the property, list the parties and state the price. In addition, you need to outline the rights and responsibilities of each party signing the contract.
Your contract also must state what you offer and what you receive in return. For a real estate contract, this is the property you are selling and the money you will receive for it. All the parties to the contract must agree and sign it.
When a contract contains all of these things, it is legal under the law and becomes binding, which means anyone breaking the contract can be held legally responsible. This information is for education and is not legal advice.