If you’re in the market for a home or other real property, you probably already understand the importance of contracts. These agreements not only define your and the seller’s respective rights and obligations, they will impact the value of your purchase for years to come. It is therefore imperative that you understand the contract and negotiate for the best possible terms.
Having legal representation will assist you in this process. The Syracuse law firm of Carden Dotzler Hammond, PLLC recognizes that this may very well be the largest purchase of your life. We will work for a real estate contract that is most beneficial to you.
Common Problems With Real Estate Contracts
Attorneys write and rewrite contracts, often using complicated and unfamiliar language. If you sign one of these contracts yet fail to understand what its terms and clauses mean, you will still be bound by the agreement. When we review real estate contracts, we look for:
- Vague, ambiguous, and unclear language: At their best, contracts clearly specify the respective rights and duties of the parties. But if the language is confusing or unclear, it will be more difficult to abide by the agreement. This can lead to default, litigation, and financial loss.
- Insufficient language: Sometimes, the problem with a contract is that it does not include enough terminology. For instance, the agreement may allow for an inspection of a property in Syracuse but provide no timeline to conduct one or recourse for problems that are identified.
- Unrealistic deadlines: Buying a home is a process that requires due diligence, inspections, obtaining financing, and much more. All of this takes time. If the contract does not allow sufficient time to ensure your interests are protected, you should seek to modify it.
- Failure to include boundary, zoning, and other terms: As the buyer, you need to understand where the property lines are, what the property is zoned for, and details about encroachments and easements. The absence of such information from the contract will present a problem.
- Failure to disclose: New York law generally requires sellers to disclose known defects with the property, the quality of structures built upon it, environmental issues, and more. Your Syracuse real estate attorney will understand which disclosures to look for.
- Unnecessary buyer liability: The seller of the property will try to shift as much liability to the buyer as possible. This means pushing more responsibility for the consequences of delays, repairs, and other problems onto the buyer. But your lawyer can always negotiate the terms.
- Invalid contracts: Real estate contracts must contain certain terms to be valid and enforceable. When they don’t have these, it will be far more difficult to protect your rights if a dispute over the property later arises.
- Absence of contingencies: Contingency clauses provide flexibility to the buyer by allowing them to withdraw from the deal if certain conditions are met. Your attorney should negotiate these with an eye towards protecting you but not unnecessarily alienating the seller.
The Consequences of Poor Real Estate Contract Negotiation
Successfully negotiating a Syracuse real estate contract requires understanding the law and both the buyer’s and seller’s values and concerns. Poor negotiating can lead to:
- The buyer or seller walking away: Contracts should give both parties a reasonable amount of what they want and ensure they fairly share liability. Aggressively pushing for unrealistic or one-sided terms can cause either party to abandon the deal.
- Uncertainty: Not knowing or understanding the terms of the deal, or what you or the seller are obligated to do, can cause uncertainty and frustration. The seller may not be doing something they are supposed to, but you may not know it.
- Default or breach: The possible consequence of uncertainty is a default under the contract or a breach of the contract. Or the seller may accuse you of defaulting or breaching, when in reality you have performed as required.
- Litigation: Ultimately, the seller may resort to litigation to enforce the contract against you. Conversely, you may have to take legal action to compel the seller to do something. This costs time, money, and can lead to significant damages and loss of the property.
- Decreased value of the property: All of the above consequences will negatively impact the value of the Syracuse real property and your enjoyment of it. This could make it more difficult to sell the property later because better terms were never negotiated.
Our Approach to Contract Negotiation
To avoid the above and related issues, you need experienced real estate legal counsel who will review your contact and effectively negotiate for more advantageous terms. When you hire CDH Law, we get to work on your behalf by:
- Reviewing the contract: We take a thorough look at the proposed agreement, explain what it means in terms you can understand, and discuss the possible legal consequences of certain terms or the absence of them.
- Requesting modifications to protect your rights and interests: We look for ways to add to, delete, or otherwise modify the existing language. This is done with an eye towards maximizing the benefits of the transaction for you.
- Respecting the seller’s concerns: While we don’t represent the seller, we recognize that pushing for one-sided or unrealistic terms will only drive them away from the bargaining table. We know what works and we know how to persuade the seller to negotiate.
- Limiting liability: As much as possible, we will reduce your liability with respect to property defects, repairs, timelines, and other matters. We work to avoid unfair terms that shift too much responsibility away from the seller.
- Ensuring compliance: Contract terms must comply with New York law, so we hold the seller to this and ensure the buyer’s requested terms follow legal requirements. This keeps both parties honest and protects your investment in the Syracuse property.
- Maintaining communication: Negotiating the contract will take time, so we foster open communication with the seller. Doing so builds mutual trust and respect and improves the chances of more favorable results.
- Mitigating future risks: You may own your home or property for decades to come. We therefore take a proactive approach to identifying and mitigating potential risks. This will allow you to enjoy your property for years to come.
Contact Our Syracuse Real Estate Contract Review & Negotiation Attorney
Before you sign a real estate contract, have a knowledgeable attorney review it and negotiate for the terms you deserve. CDH Law is ready to serve you and protect your investment. Reach out to us today to schedule your consultation.
Frequently Asked Questions About Contract Review and Negotiation
Why do I need an attorney’s help with my real estate contract?
An experienced attorney can review the contract, advise as to the legal meaning of various terms, and negotiate where necessary for better terms. Your lawyer will also understand the language that the contract must include to comply with the law.
Which contract risks can a lawyer help me avoid?
Your attorney can help you avoid risks associated with unclear terms, unreasonable timelines, unfair liability, surprises, and more. Our goal is to maximize the value of your investment and help you understand your rights and duties. We also want you to understand the seller’s responsibilities so you can enforce the contract if needed.
How long do real estate contract negotiations take?
Some negotiations may only take a week or two, while others can take more time. The subject matter of the negotiation is one major factor that will affect the timeline. We are dedicated to negotiating effectively on behalf of our clients.
Do you attend the closing?
We represent buyers at all stages of real estate transactions, from contract review and negotiations to due diligence and closing. We help you from start to finish so you can move forward with confidence and peace of mind.
Does your firm represent buyers or sellers?
We represent both buyers and sellers in Syracuse real estate transactions (although not both parties in the same transaction). Our firm is experienced with all manner of real estate matters and can advise you at any stage of a sale or purchase.