22/04/2024
MONDAY MORNING REAL ESTATE NUGGETS BY ELLA
On a daily basis, clients especially first timers ask certain questions concerning Real Estate. Most times, I spend hours on calls with such clients basically explaining things they ought to know starting from the scratch. I do advise clients, to first understand what they are delving into before committing to avoid teething troubles.
My duty is to elucidate clients to have in-depth knowledge of the practicality in Real Estate thus making them enjoy their assets without legal issues.
Every client especially first timers ought to have an idea of what “Contract of Sale” is. Every business person already has an idea of what “Contract” is. A pepper seller, cloth seller etc both educated or not, understands contract.
However, Land Contract is totally different from other spheres. Contracts are vital in getting down to nitty-gritty of transactions. In Land transactions, Contract help define the price, payment terms, covenant of parties and the property’s condition. Contract of Sale is a legal protection that guards the party’s property rights.
A well drafted contract can be advantageous when disputes arise between the parties or where there is a breach of contract. Contract of Sale exterminate any ambiguity that might arise from implied terms.
WHAT THEN IS ”CONTRACT OF SALE”
A Contract of Sale in Real Estate is a written agreement between the buyer and the seller, laying out the terms and conditions of the Land/Property transaction.
“Clauses” should not be over looked by a client as it protects both buyer and seller, most especially the buyer. In Contract of Sale, Clauses that protect parties’ interests should be included as long as they are within the bounds of the law.
Acquiring property can be a complex process but using the right guidance, can be a rewarding investment.
