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Issues to consider in real estate contract transactions

For either residential or commercial real estate, the buying and selling of property is a business transaction and, as such, should be managed carefully. Proper handling of real estate purchases and sales in Florida can help to guard against future conflicts such as breach of contract. It can also help to offer avenues for resolution in the event that contract disputes arise.

During a sale process, watchful eyes should be on all provisions and clauses in a contract. These can include parameters regarding insurance coverage and claims, monthly payments, association creation and involvement, franchising rights and more. Thorough research should also be conducted on the title of the property dating back to the property’s inception. A title history report offers a detailed and valuable window into many things that can affect the ultimate success real estate closings, as indicated by Fox Business.

If an association such as a homeowners association for a residential complex will affect a sale contract, appropriate details should be included and reviewed by both parties. Stipulations about how to handle any disputes pertaining to the association may also be called out in a contract.

Should any party in a real estate sale or purchase transaction believe that a breach or other problem is present, it is advisable to seek conflict resolution opportunities other than just litigation. While sometimes a lawsuit may be unavoidable, mediation and arbitration can frequently resolve issues in less time, with less cost and with less negative effect on both sides. At the Welbaum Guernsey law firm, we have handled many such situations such as a contract dispute that involve mediation, arbitration and lawsuits when needed. 

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