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Attorney Ben Proto - The Musings of a Mad Lawyer

Saturday, February 23, 2019

Common Real Estate Contract Mistakes

Mistakes in real estate contracts can cause major headaches for buyers and sellers alike. One way to avoid such mistakes is to hire an experienced Connecticut real estate attorney to assist you with your real estate transactions. With an experienced real estate attorney by your side, you greatly increase your chances of avoiding the following common real estate contract mistakes:

Incomplete sections - Every blank space on a real estate contract must be completed. Missing information can render a real estate contract void, thereby cancelling the transaction. 

Incorrect party names – Failure to include the full legal names of all parties involved in the transaction can cause a host of problems. Examples include nicknames, shortened first names, and former names.

Incorrect property information -  All real estate contracts must contain the correct address of the property being purchased and the corresponding Permanent Real Estate Index Number or Property Index Number (PIN). When any of this information is missing or incorrect, it can result in a null contract.

Omission of lot dimensions - Lot dimensions give the buyer an understanding of the size of the property being purchased. In addition, the size of a lot is usually directly related to the value of the property. Therefore, this information must be included in all real estate contracts. Some people substitute the actual lot dimensions with the phrase “per survey.” However, this can leave purchasers in the dark about what they are actually receiving in the transaction. 

Incorrect or unreasonable closing and contingency dates – Unreasonable closing and contingency dates in real estate contracts frequently lead to cancellations. This problem can be avoided, however, by enlisting the assistance of a Connecticut real estate attorney prior to entering into a purchase or sale agreement for real estate. Among other things, an experienced real estate attorney will have a good understanding of the types of contract terms that are considered reasonable and conducive to a successful transaction. 

Post-execution changes – As long as all legal requirements have been met, once a contract has been signed by the parties to a real estate transaction, it is considered final and binding. Changes can only be made to an executed contract with the consent of the parties, and there are several legal issues to be considered when attempting such an action. Therefore, an individual who seeks to make changes to a real estate contract should first seek the guidance of an experienced Connecticut real estate attorney. 

Connecticut Real Estate Attorney

Real estate transactions can be complicated, so it’s important to ensure that no details are overlooked during the process. One way to ensure that your real estate transaction goes according to plan is by hiring an experienced Connecticut real estate attorney. At the Law Office of Benjamin S. Proto, Jr., our experienced and capable Connecticut real estate professionals keep both buyers and sellers apprised of their rights and duties as they navigate the real estate transaction processes. Therefore, if you are contemplating a purchase or sale of residential or commercial property in Stratford, Bridgeport, Milford, Trumbull, Shelton, Fairfield, Orange, Derby, New Haven, or anywhere else in Connecticut, please contact our office for an initial consultation. 

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