The contract for the purchase and sale of a property is more complex than it appears.
If you’ve ever bought or sold a property, you’ve probably noticed that the contract that carries out this transaction has dozens of items and clauses dealing with the most diverse subjects.
Although, at first glance, it may seem that this document is standardized and contains several topics of little importance, in reality, the real estate contract can provide for several very important clauses for the course of this negotiation.
Often, the purchase and sale of real estate is brokered by a real estate agency, which usually has a legal team that provides services and draws up contracts.
It just so happens that the main interest of this agent is that the deal goes through and, for this reason, the contract used is a more generic document aimed at facilitating this transaction. As such, it does not normally contain specific clauses dealing with the individual interests of the parties.
It is precisely because of this lack of more specific protection that loopholes arise that make it difficult or even impossible to pursue rights in the event of a contractual default.
Therefore, legal advice in real estate transactions serves precisely to ensure that mistakes and illegalities do not occur in the deal, avoiding losses between the parties.
A lawyer specializing in real estate law will make sure that the contract does not contain unfair terms, that payment will be made properly, that there are no restrictions or irregularities on the property’s registration and that there are no debts related to the property.
In addition, he will check all the necessary documents and help with the notary and bureaucratic procedures for the necessary registrations.
After years of working in the area of real estate contracts, I realized that this document, when well drafted, is the guarantee that many problems will be avoided in the future.
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