Contract Drafting Attorney in Pittsburg, Pennsylvania
Each year, there are over 36,000 home sales in the Pittsburgh area alone, according to data from the U.S. Department of Housing and Urban Development. With each one of these transactions, a contract needs to be drawn up to ensure the deal is legally binding and adequately protects both parties’ interests.
Creating a solid contract is a crucial step that should not be overlooked. For many people, this means hiring a contract drafting attorney who’s well-versed in real estate law. If you need help drafting a real estate contract in the Pittsburgh, Pennsylvania, area, including the surrounding counties of Butler, Westmoreland, Beaver, Armstrong, and Washington, contact me at Marc V. Taiani, Esquire and Allegheny Attorneys at Law, P.C.
Understanding Real Estate Contracts
A real estate contract should be used any time property ownership changes hands. This is used to define the terms of the sale and ensure that both the buyer’s and seller’s rights and financial interests are protected. While you should be familiar with the basics of a real estate contract when you first start the home-buying or home-selling process, contract drafting for real estate won’t begin until the buyer officially accepts an offer. The offer itself will contain many of the details that will later show up in a contract, but it’s not until this time that the property is considered “under contract.”
Why Establishing Enforceable Contracts and Agreements Are Important
In most cases, buying or selling a home is the single biggest financial deal that an individual can make. Because of this, you can’t afford to take any chances. Typically, the buyer will be the one who writes up the contract, and you can then use a real estate attorney to help with the contract review and negotiation. This will protect the buyer from purchasing a damaged property, prevent potential title disputes, and ensure that either party is able to get out of the contract if it fails to meet the terms.
Essential Elements of a Binding Real Estate Contract
A well-written sales contract should be specific to the property in question and to the buyer and seller. There are some essential elements in a binding real estate contract that should be present in all cases:
details on the buyer and seller
information about property taxes
closing costs and closing timeline
exclusions and disclosures
Common Real Estate Contract Pitfalls
If you’re a first-time buyer or seller, you need to look out for these common pitfalls associated with real estate contracts:
Failing to use a real estate attorney: For the relatively small price, by hiring an attorney, you can have peace of mind knowing that your contract has been reviewed by a professional who understands the real estate market and the laws surrounding it.
Not listing contingencies: Many times, buyers and sellers will want a contingency that the offer will only go through once they buy or sell another property. However, if this isn’t clearly conveyed in your contract, you could face serious financial and legal issues.
Not completing the inspection in time: Windows for performing inspections are typically quite short (usually about a week), and in this time, you have a lot to do. Your contract should clearly lay out when the inspection will take place and under what conditions you can back out of it depending on what the inspection turns up.
Not using detailed language: Make sure all property that’s in the house that will stay in the house is included in the contract. For example, if you’re selling a house but will be taking your washer, dryer, and window treatments with you, these should be itemized in your contract.
Contract Drafting Attorney Serving Pittsburgh, Pennsylvania
If you need legal help drafting a real estate contract and are in the Pittsburgh, Pennsylvania, area, reach out to my firm at Marc V. Taiani, Esquire, and Allegheny Attorneys at Law, P.C.