During my nearly 30 year-long career as a Sarasota real estate lawyer representing clients in various transactions, one thing I have always wished I could magically make happen is for all of my clients to bring me the contract that has been put in front of them, either on paper or digitally, for me to review, BEFORE THEY SIGN IT. I can’t tell you how many times a client has responded to me when asked whether they have signed the contract yet, “yes, it is a standard contract” and/or, “I was told they don’t use real estate lawyers in Florida.”
For anyone who is considering signing a real estate sale and purchase contract, I cannot emphasize enough how important it is that they do not sign it without first hiring a trained and experienced Sarasota real estate lawyer to review it for them before they sign it. This is of the utmost importance for many reasons. One reason is that an experienced local real estate lawyer is uniquely qualified and skilled to meet with the client to gain a thorough understanding of their unique goals and circumstances. Equipped with this knowledge, the lawyer can draft the real estate contract so it contains provisions tailored to the clients particular needs. In doing so, the client now has a contract that is drafted in a way that increases the likelihood that their goals will be met and that decreases the chances of an unfavorable, stressful, and potentially costly outcome.
Another reason it is so important to have your Sarasota real estate lawyer review the real estate contract BEFORE you sign it is that after you have signed the contract, you are now legally bound by its terms and provisions. This is so even if you don’t fully understand what the contract says and even if your life is made very uncomfortable because of your obligation to do what the contract requires. Parties to a contract are deemed to understand its content, even if they don’t.
Of course, most parties to a real estate contract are not real estate lawyers. How can they be expected to understand the legal consequences of signing a contract? Well, that is where we, as real estate lawyers, come in – we are such trained professionals who have taken an oath to represent our clients, be their advocate, and serve their best interests.
There are very limited circumstances in which either party to a contract can legally “get out of” the contract. A buyer attempting to do so, for example, after they have signed a “standard contract” before getting proper legal representation may find it very difficult to do so. Quite often, the seller will want to avail themselves of their rights contained in the contract. As a result, when buyers ask to be let out of the contract, they may face the risk of being asked to forfeit their deposit, or even being sued for damages above and beyond the amount of the deposit, or possibly even being sued to perform, i.e., buy the property in accordance with the terms and provisions of the contract.
Is sum, I hope you read this article and heed its message the next time you are presented with a contract for sale and purchase of real estate in Sarasota. POP QUIZ: What are you going to do when that happens? Call a Sarasota real estate lawyer.
Kindest and best regards,
Michael D. Wyckoff, Attorney at law
Serving the Sarasota and Bradenton, Florida area for nearly 30 years
