Sale and Purchase Agreements
Sale and purchase agreements are contracts in which the parties agree to the transfer of real property. Since real estate parcels are unique, each sale or purchase agreement must reflect not only the terms on which the transfer will take place but should also include language dealing with the special aspects of the property and any other rights that are being transferred with the ownership of the real property.
Common Issues with Sale and Purchase Agreements
Addressing common issues associated with sale and purchase agreements regularly involves addressing the transfer or retention of rights not automatically included in the transfer. This can include water rights, easements, fixtures and personal property that is to be taken by the seller or left in the property.
Additionally, several items routinely arise with regard to financing and costs at closing. These issues can vary drastically between commercial and residential property types.
Handling Issues with Sale and Purchase Agreements
In drafting any contract an attorney must first address what the parties intend to exchange. The type of property being exchanged dictates much of what must be included in the agreement. Next, the drafter must evaluate those things the parties may never have contemplated, such as closing issues, liens on the property, title insurance, and financing requirements. It is important that an attorney facilitate, rather than stand in the way of good transactions.