While real estate contracts are fairly straightforward, mistakes still happen. Even seasoned real estate agents make them from time to time.
The best way to avoid errors with a real estate contract is to know the most common ones.
Not filling in the entire contract
There should never be blank spaces in a real estate contract. Be sure to fill out everything, check all the boxes and review everything to ensure you didn’t miss something. If there’s a term, clause or statement that doesn’t apply, you can enter “N/A” or “(–).” If you don’t fill out the contract completely, the closing may be delayed, which can result in the loss of a sale or other consequences.
Using bad scanners or fax machines
Real estate contracts need to be legible. If a contract is sloppy or if it can’t be read, it can cause some problems. If you are using outdated equipment that can’t create documents that everyone can read, it’s time to invest in better equipment or take the documents to a professional for printing or copying.
Unreasonable or incorrect contingency and closing dates
It’s important to ensure that all properties’ contingency and closing dates are reasonable. Buyers may lose a contract if they include impossible or unrealistic dates for these important parts of the real estate buying and selling process.
Avoiding issues with real estate contracts
It doesn’t matter if you are buying or selling a house, commercial building or some other type of property. You must ensure the real estate contract is complete and free from the errors mentioned here. Having legal advice and guidance during this process can also be beneficial and ensure these errors don’t occur.