There are contracts at nearly every stage of the real estate process. This is true for property sales and property leases. In property sales, a real estate contract needs several different elements, such as a valid home purchase agreement, but also must include or work alongside another contract that confirms how safe the property is. Forgetting any of these documents can put both parties at legal risk and potentially physical risk. Leases work similarly.
With real estate contracts, it’s important for everyone on both sides to have written proof of what they’re agreeing to. When there’s no written contract, one side can change the rules or agreements of the contract and take advantage of the other. This can include omitting important details that would keep someone from selling, buying, leasing, or leasing out a property.
The Tennessee real estate attorneys at Tressler & Associates, PLLC can help write crystal clear contracts that cover all important details of a lease or sale. We can also review and comb through contracts with a fine eye. Without an attorney, you run the risk of being put in an uncomfortable, or even, dangerous position by a contract.
There are different contracts for the sale transaction of a real estate property and the lease of a real estate property. These two types of contracts become even more different depending on whether they are for residential or commercial real estate.
Contracts for real estate transactions detail an exchange of property for something of value, usually money. They must have:
These contracts can and commonly do come with necessary information about the property. Typically, this section or attachment is called the Seller’s Property Disclosure Statement. This is necessary for both residential and commercial real estate contracts and should include information such as:
Leases have to present information the lessees, or tenants, need to give and what rules the lessors, or landlords, say the tenants need to follow. They also confirm that the landlord agrees to allow the tenants to live on the property for an agreed amount of time, for an agreed amount of money.
If there are any services the landlord must promise based on local and state laws, the contract should mention them to be as airtight as possible, but they are implied. Details like true habitability stands do not have to be in a contract, as state and local laws promise them.
For residential real estate, our attorneys can make sure your lease contains:
For commercial real estate, our attorneys include specifications that a commercial lease must contain that residential does not. These specifications include:
If any of these specifications aren’t included, the other party can take advantage of you. A seller can hide damages, debts, or easements that would prevent someone from buying the property. A buyer, in turn, may accuse the seller of hiding something about the property.
Without a proper contract, a lessor can claim to have access to your living space and even claim the ability to evict you for reasons a contract could protect you from. At the same time, a contract protects the lessor from being stuck with a lessee who doesn’t respect the property they live in or endangers it in any way.
Not having an attorney puts both parties at unnecessary risk.
Don’t take a risk by writing a real estate contract yourself, or think that the other party will make a quality and trustworthy contract for you. Contact the real estate attorneys at Tressler & Associates, PLLC, instead. Our attorneys can review and write airtight contracts for whatever transaction you need. No matter which side of a real estate contract you’re on, we are here to help you.
If you are in need of legal services, our team of experienced attorneys is here to help! If you need a lawyer now or are just in need of general counsel, we are happy to discuss your needs with you.