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Should You Use a Standardized Real Estate Contract?

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Residential real estate sales are common transactions in Florida. Home and condo owners are regularly selling their property for various reasons, and buyers are eager to snatch up real estate. Due to the regularity of residential sales, there are standardized contract forms. There are often multiple types of one form endorsed by various realtor and legal associations. Whichever version of the sales contract or other form your team uses, these can be very helpful and efficient. However, they are not always the right choice for you.

If you are buying or selling a home, it is best to work with an experienced West Palm Beach residential real estate attorney at our office. We can advise you on whether your transaction requires documentation above and beyond a standardized residential contract.

The Benefits of Standardized Forms

There are numerous benefits to using standardized forms for a home sale or purchase. The form will be widely used by real estate professionals, so they will be familiar with what it means and how it can impact you. Your team will be able to explain the form to you based on years of experience with it. The standardization and regular use of the contract form typically results in fewer misunderstandings or mistakes.

Importantly, the pre-made forms are efficient. They save all the parties involved from having to draft new documents for each transaction. This also means it saves buyers and sellers money. If every home seller was responsible for drafting a new real estate contract, real estate transactions would typically be more time-consuming and costly.

The Disadvantages of a Standardized Contract

Despite the many benefits of standardized real estate forms, there can be disadvantages to defaulting to the standard sales contract. One issue is that standardized forms can tempt buyers and sellers to conduct a real estate transaction without hiring an attorney. However, if the standardized contract is going to have provisions taken out, added, or negotiated, then you need a lawyer. Realtors are qualified to fill in and use a standard contract. However, they should not try to draft a new one or interpret the legal meaning and ramifications of changes for you as a buyer or seller. And depending on your situation, a standardized contract may not be appropriate. Your particular sale or purchase may call for additional provisions within the contract, which requires a lawyer.

Contact a West Palm Beach Residential Real Estate Lawyer Today

If you are selling a home or are in the market for a condo or single-family house, contact us at the Law Offices of Larry E. Bray, P.A. as soon as possible. We have decades of experience helping individuals buy and sell homes in Florida. We provide comprehensive advice and services for your real estate transaction and are equipped to handle any problems that may arise. We always prioritize your rights and needs, ensuring you are protected and face minimal risk through the transaction.

Resource:

floridarealtors.org/LegalCenter/HotTopics/upload/FloridaRealtors-FloridaBar-3_Revisions.pdf

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