I was reviewing a contract earlier this evening for a purchase on a 6-unit apartment building.
As I was plugging through each single sentence carefully weighing each word, I was reminded how the very definition of words really come into play in contracts. What I mean by that is simply this: You have to understand not just the definition of each word IN a legal contract, you also have to understand the complexities of context and the inter-relationships each paragraph and sentence can have to subsequent or previous paragraphs.
Sometimes you can find yourself weaving through a real tough mess.
This is precisely why it is valuable and worth the few hundred bucks you'll pay an expert real estate attorney to review a contract and give suggestions for changes in your better interest prior to signing.
Some cheap advice I learned via the ol' school of hard knocks: Hire an atty to review your contracts. Hire an atty to prepare contracts specifically for YOUR use if and when you are the seller. Typically, you won't get a seller to agree to use your contract. And, if that is the case, use a standard form real estate agency contract specifically for the type of transaction you are doing.
In Oregon for instance, they have a standard form for Raw/Bare Land and it differs greatly from a Commercial Property Sales contract.
If you're a subscriber/member of my Look-Over-The-Shoulder Program, you'll be getting copies this month of this 6-unit apartment contract with my notes and cautions to look out for when reviewing contracts.
Anyway, time to hit the sack...Long day tomorrow and still recovering from the hot sunshine, cold water and over indulgence in rib-eye steaks and a real nice beer from Mexico - perhaps you've heard of it? Pacifico with a slice of lime? It's ALMOST as good as my all-time fav Alaskan IPA from the Alaskan Brewery in Juneau...
I digress.
Have a good one..Now, GO make an OFFER!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
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