Buying a House? Legal Stuff You Should Know Before You Sign the Contract
three essential terms: an offer containing the terms, an acceptance of that offer, and consideration. For a real estate transaction, at a minimum, it must identify the property being sold and its purchase price, show that the purchaser has given something valuable to secure the transaction (usually an earnest money deposit), and a date by which all terms of the agreement must be completed. However, such a simple contract can be very risky for a buyer or seller because there are no terms protecting either party from unforeseen or unscrupulous circumstances. The National Association of Realtors has a databank of contracts intended to cover every conceivable scenario to protect both buyers and sellers. This, however, doesn’t mean that the contract you are presented with is entirely right for you. You really need to read and understand all the contracts’ terms before you sign it. If you don’t agree with one or more of the terms, or you need them clarified, you must address them before you sign on the dotted line. Remember, no one can walk away from a contract without legal consequences simply because they didn’t understand what they were signing. Should you have any doubts or questions about a contract you are considering, consult an attorney to help you understand its terms and protect your interests in the transaction. It could save you a lot of heartache in the long run.
When you’re about to sign a Purchase and Sale Agreement, or any contract
for that matter, you may not realize just how binding it is. When
all necessary parties sign a contract, the terms are enforceable in a court of law. As such, it shouldn’t be signed without a careful understanding of all the terms and conditions contained in it.
The properly written contract provides very little, if any, wiggle room for either party to get out of it. If any party fails to perform even one of the terms they had agreed to, then they are considered “in default” and therefore vulnerable to being sued. This leaves the non-defaulting party a right to seek specific performance on the contract or sue for damages, whichever is most appropriate under the circumstances. When it comes to contracts involving real estate, under the Statute of Frauds, an agreement to buy or sell real estate must be in writing for it be enforceable, unless one party has performed explicitly on its terms in reliance of the oral agreement. A written contract itself does not have to be elaborate to be enforceable, but it must have
LEARNING
LEGALESE
Kabobs Kielbasa
Liveried Seisin By the end of the 15th century, acquiring property was formalized in a ceremony that took place on the property, where the grantor would hand to the grantee a clump of dirt, sticks, or something else symbolic from the land, and by that act, the grantor “liveried seisin,” delivered possession, to the grantee.
Ingredients
• 2 pounds fully cooked smoked kielbasa
• 3 red bell peppers
• 2 cloves garlic, minced
• 2 large onions
• 1/4 cup olive oil
• 2 green bell peppers
• Salt and pepper, to taste
Directions
1. Heat grill to medium.
4. Thread onto skewers, alternating ingredients.
2. In a small bowl, combine oil, garlic, and a pinch of salt and pepper.
5. Brush with oil mixture and grill, covered, 10–12 minutes.
3. Cut pepper, onion, and kielbasa into 1-inch chunks.
Inspired by Good Housekeeping
www.eversolelaw.com 3
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