Real Estate Contracts

Charleston Real Estate Contracts | Residential Real Estate & Commercial Real EstateWhile there are many differences between the transactions for residential real estate and commercial real estate, one important commonality is that real estate transactions of any form hinge upon the written agreements established in real estate contracts. In some cases, a proper real estate contract can even make the difference between a smart real estate investment and a costly legal battle. Real estate contracts are most useful in their protection of personal interests. A real estate contract forces a buyer or seller to uphold their promised agreements or face the legal repercussions of breaking contractual obligations. Although real estate contracts are a diverse legal instrument with many properties, the four most common forms of a real estate contract include:

A sales contract indicates the agreement between a buyer and seller to exchange property for an agreed price, whereas a purchase contract allows the seller to map out the process of sales up until the closing date.

Agreements versus Contracts

In spite of the seemingly clear legal definition of a real estate contract, clients often encounter difficulties with differentiating shared agreements from legal contracts. A real estate contract in actuality is a specific type of agreement between a buyer and seller that implies some legal obligation(s). One common problem with this distinction results once a buyer has accepted an offer from the seller. The acceptance of this offer entails legal responsibilities only once it has been properly drafted as a sales contract and once it has been signed into effect. Some contracts may also be constructed based on financial contingencies or inspection contingencies that position the document as a mere agreement until these conditions are met. Written signatures, unhindered competence and legal purpose are also crucial qualification for a contract to be considered a valid legal document. Our Charleston real estate litigation attorneys provide legal counsel to any buyers or sellers who believe their contractual rights are ignored, neglected or breached.