Real Estate

Understanding Real Estate Investment Contract

As an investor in real estate investments, you may be planning to buy, sell or even lease your investment property. These processes must go through various parties. A contract therefore will protect both parties from unanticipated development and allow you to back out of the agreement under specific circumstances. Real estate investment contract will cover the terms and conditions of any given real estate transaction whereby real property changes hands in exchange for a fee. You may offer a verbal contract agreement but when it comes to real estate investments, a verbal contract is not enforceable because in case of any disagreement you may not be protected in the court of law. For any real estate investment contract to be enforceable, it must be in writing. The contract must recognize both parties involved and the property in question. In addition, a real estate contract is not legal if one or more parties is not legally able to enter into negotiations. This implies that any person entering into a contract must be over the age of 18 years and of sound mind. To add on that, real estate investment contract should protect both parties to any transaction. Finally, it is of great importance to note that an offer to purchase is not a contract.

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