Contracts and other real estate related agreements are essential in real estate transactions. However, not all contracts and agreements are created equally. A poorly worded or convoluted contract can delay a transaction or halt it altogether and a poorly worded easement or option to purchase can cause legal disputes over enforceability and/or the terms. The attorneys with Goosmann Rose Colvard & Cramer, P.A. are knowledgeable in all areas of North Carolina real estate law and can draft contracts and/or agreements for any type of transaction. To learn more about our services, contact our law firm today.
Should You Use An Attorney When Drafting Real Estate Agreements?
A misplaced or unused word in a real estate contract or other real estate agreement can cause a dispute before or after the transaction is completed. Retaining a real estate attorney with Goosmann Rose Colvard & Cramer, P.A. ensures the contract, easement or other legal agreement you need contains all components and legal standards necessary. In general, this includes that:
- The property or properties involved and the terms for the agreement, such as the purchase offer, easement area and/or rent, are well-defined;
- All parties involved are those necessary for the transaction proposed and who are required to agree to the terms;
- There is a legal purpose and scope to the proposed transaction;
- The signatures and acceptance by all applicable parties are legally enforceable; and
- Equitable and fair consideration was given for the transaction.
Types Of Agreements We Support
The attorneys with Goosmann Rose Colvard & Cramer, P.A. help clients draft contracts and/or agreements for all types of real estate throughout North Carolina. Contact us today to learn about the contracts and agreements we support.
A lease agreement provides the right to live in, occupy and/or use a specified dwelling or commercial space for an agreed-to time period between the landlord and the tenant. The lease also outlines rules and responsibilities for both parties and as applicable to the property itself. Once created, no changes can typically be made to the lease agreement by either party without written consent by the other party.
Real estate development agreements and/or contracts are generally executed between a developer and a builder, city, or construction company to create a new development property on a parcel of land. Details of the infrastructure and development plan, including time frame(s), property limits and costs for development and/or compensation, are included in the contract along with the responsibilities of all involved parties. The contract must be approved by the parties before development can begin.
An easement or right of way is generally a right of someone (the person granted or benefitted by the easement) to use another person’s property for a particular purpose. The most common purposes of easements or right of ways are for access (roadway or driveway), wells, spring or other water systems, sewer or septic systems, but can extend to general use, recreation, conservation, and a myriad of other purposes. They can also be used to cure title defects such as encroachments where a property’s improvement (such as a portion of fence, driveway or house) is inadvertently located upon a portion of another’s property. Easements and rights of ways can be permanent where modification or termination would require all parties to sign or can otherwise be created to automatically expire or change upon a certain timeframe or event. The Agreements require notarized signatures of all the parties involved and are recorded with the Register of Deeds to attach to the property and/or properties.
A purchase agreement is a bilateral contract, generally between the buyer and the seller, for a specified property, for a specified price, and upon any specified terms. This contract includes details for both parties and the rights and obligations of all involved, and further terms for any exterior and/or interior personal property to be included in the sale, any financing proposed for the purchase, terms of possession, and more.
A marketable title is a title that is free and clear of any defects or “clouds on title” that a reasonable buyer would find objectionable, and our years and decades of practicing in real estate and performing title examinations have shown us that there are many shapes and forms of defects or clouds. We can help you prepare documents or agreements you may need to cure a title defect or cloud. Understanding how to resolve, cure or move you forward through any title defect takes many years of experience and is an important value of a good real estate attorney.
An option to purchase agreement gives a buyer an exclusive right to buy a property for a certain period of time and for an established purchase price and effectively prevents the seller from selling to another buyer during the term of the option agreement. This type of contract typically includes a payment for the option to purchase right yet it is just a right in that the buyer is not obligated to buy the property. The agreement or a memorandum of the agreement is recorded with the Register of Deeds to attach to the property and provide public notice of its existence. A right of first refusal agreement gives a buyer the right to buy a property once a seller has received an arm’s length offer to purchase the property from a third party. Upon the seller’s receipt of such an offer, the buyer can elect to buy upon those same terms or decline. This agreement and rights are also typically set for a specific period of time or duration and also effectively prevents the seller from selling to another buyer during that time period. As with an option to purchase, the right of first refusal agreement or a memorandum of it must be recorded with the Register of Deeds to attach to the property and for notice.
How Are Real Estate Contracts, Easements & Other Agreements Drafted?
The process of drafting a real estate sales contract is essentially writing and detailing all necessary elements applicable to the transaction. While every transaction differs, all contracts generally outline certain elements, such as:
- The specific property, properties or portions thereof involved in the contact;
- The duties and/or responsibilities of the parties to the contract;
- The rights of all involved parties;
- As applicable, the form of payment, along with payment schedules, interest, and late fees;
- As applicable, timeframes and/or deadlines for any performance required and/or expiration of rights; and
- Remedies and/or recourse for any default of the agreement and/or any liability limitations for any of the parties.
A real estate attorney with Goosmann Rose Colvard & Cramer, P.A. can also include certain contingencies, indemnity or other clauses if applicable to the property and/or your agreed upon transaction.