The Devil is in the Details….
If you are selling residential real estate, you want to ensure that the contract does not provide the buyer with too many “escape provisions” or broad contingencies. As seller, you want the deal to close and limiting escape clauses and wide-ranging contingencies helps keep the process on course. When a buyer cancels the contract, you will have lost other potential buyers and likely have incurred out of pocket expenses.
On the other hand, if you are the buyer, you want to ensure that the contract provides you with maximum flexibility and the ability to get all of your deposit monies back in the event that certain factors are not met during the contract period. Like the seller, the buyer too wants to get to the closing table, but mortgage or home inspection related issues can arise which affect the buyer’s desire to complete the purchase.
It is important to have a real estate attorney assist you with such an important process and legal transaction. South Jersey Law Center has closed hundreds of properties over the past 25 years in both seller and buyer legal capacities. We can assist you throughout the real estate process and provide you with peace of mind during this time.