Contracts and the transfer of residential real estate

On Behalf of | Feb 20, 2019 | residential real estate

Contracts put into words the agreements that Florida residents make in many different areas of their lives. They may sign contracts when they accept new employment, and they may execute contracts when they hire contractors to do work on their homes. Contracts may be used when children are put into day care, when vehicles are bought, and when business entities agree to work together. Contracts are everywhere, including the real estate world.

When an Orlando resident decides they want to buy a home, they should be prepared to make an offer on the property they desire. An offer is a statement of how much a person is willing to put forth to get, in return, a desired good or service. In the case of a home purchase, an offer will generally be for a dollar amount, and, in exchange for that sum, the offeror will be given the title to the house.

When a homeowner receives an offer on their home, they can take one of several different actions. If the offer does not appeal to them, they may simply ignore it. If they believe that the offer is negotiable, they may extend a counter-offer to raise the purchase price of the home. If the offer meets their expected selling price, then they may accept it and move forward with the purchase agreement.

As readers can see, a lot can go into the preparation of a residential real estate purchase offer and the negotiations that can follow it. Help from an experienced attorney can be useful for those who are unsure of how to get into the exciting residential real estate market.