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Real Estate Contract Law

What is a real estate contract?

The real estate contract definition is defined as a contract that is made out for buying or sale, exchange or any other transportation of real estate between two people. Real estate can also be defined as leasehold estate which real estate is actually a rental of real property this can include an apartment, and many other leases such as rental contracts that cover these rentals since they normally do not act as recordable deeds. Real estate contacts are normally contacts between two people and these contracts should have the legal requirements that are stated by the contract law and these real estate contracts should also be in writing in order to be enforced for any reason.

What are the consequences for breaking a real estate contract?

Real estate contracts are to be considered a legal requirement to the document. Each and every agreement in a real estate contract needs to be a written contract if not then this agreement is invalid. All of the individuals that are included in the real estate contract will need to understand and abide by these rules that are written within the contract; if not then there can be consequences the individuals can face when breaking a real estate contract these consequences include:
1. Losing their property
2. Losing their deposit money
3. Losing the relationship with their Realtor
4. Losing the confidence that other service provides may have for that person, this can include mortgage brokers and escrow companies
5. Breaking this contract can also result in causing this person a high amount of grief for the time that they have lost; and
6. Possible legal fees for breaking the legal real estate contract

How to cancel a real estate contract that was made to buy property?

The first thing the individual will need to do in order to cancel their real estate contract is contact the real estate agent and inform them that you are planning of leave their contract. They will need to over look their contract that they signed onto and this should include the reasons that are allowed for the buyer to cancel their contract. The individual may need to also review the “right to rescission” law. This is a federal statute that does in fact allow individuals to cancel their contract within three days after signing onto this contract if there was a change in mind. If this is not the case, then the individual who is planning on canceling their contract will need to provide a written notice to the seller stating their wishes to cancel the contract. They may need to include why they are canceling the contract. If the cancelation is successful, the individual who has been removed from the contract can expect to lose their deposit. Now, if the seller refuses to cancel the contract the individual can follow the legal written steps that are stated on the contract under the Dispute Resolution and many times they will need to hire an attorney.

If someone had signed a real estate contract for a condo in the state of Florida if the seller had asked for an extension on the closing date and the buyer agreed to it, what right does the buyer have to force the closing date if the buyer wants to back out of the contract?

The buyer will have the right to file a lawsuit against the seller for their damages and they can even ask for certain performance even if this is not technically allowed. Once the individual has filed the law suit, they will need to file a lien against this property this will keep the seller from selling this property out from under the buyer while the law suit is still in process. In many cases the judge will enforce the contract and order certain enforcement, but still what can happen is the seller can agree to sell it to this person in order to avoid an argument during the time the seller cannot sell the property to anyone else.

A real estate contract is a legal contract two people sign for property to be transferred from one person to another. There are legal rights that go along with signing a real estate property. Before someone signs a real estate contract they will need to be informed on all the rules and regulations in order to avoid the consequences and punishments that can follow from breaching a real estate contract. For more information about the rules and regulations that relate to a real estate contract, you can contact the Legal Experts online.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5339
Experience:  17 years of legal experience including real estate law.
4460311
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