Real Estate & Brokerage Law
A real estate contract is a legally binding agreement between a buyer and seller concerning title to property. Since contracts play such an important role in the real estate marketplace, real estate investors must have a thorough understanding of the fundamentals of contract law. This article covers the various types of contracts, the status of contracts, the legal effect of contracts, essential elements of real estate contracts, and the steps to valid and enforceable real estate contracts.
Real Estate contract price, terms and conditions are negotiated between knowledgeable Buyers and Sellers and made binding between the parties when earnest money has been paid. The Real estate Brokers and agents merely facilitate negotiation using the Texas Real Estate Commission promulgated contract. They cannot modify the language of the contract as that is the Area of practice of law.
A Real Property is a large part of a family’s financial portfolio and a Real Estate Attorney should be consulted before entering into a real estate contract specially to avoid problems may arise in one or more of the following contract provisions.
- Enforceability issue may arise if the Buyer or the Seller wants to walk out of the deal as the law can force either party for specific performance.
- Earnest Money Release problem can arise if the innocent buyer has a valid reason to terminate the contract.
- Contingencies of financing, property condition, survey or Title issues may arise that can put either party to the transaction at peril.
- There may be Warranty issues, especially in new homes that the Buyer is entitled to for several years after the purchase..
Commercial property or residential property leases have their own legal is and we can help you enforce the land lord/ tenant contract.
We offer real estate law only as an adjunct to our brokerage clients.
We are a real estate Broker advising clients in purchase and sale of Real Estate properties in Greater Houston Metropolitan Area.