The Five Elements of a ContractOffer, Acceptance, Consideration, Capacity and Legal Purpose. The five requirements for creating a valid contract are an offer, acceptance, consideration, competence and legal intent. Every real estate transaction, whether it's a sale, purchase, or lease of residential or commercial property, requires a real estate contract that can sometimes be the most complex part of the transaction. With consideration, remember that past consideration (that is, money, services, or something else that was provided before the offer was made) is usually not valid at the time of entering into a contract.
If a prospective buyer or seller of real estate intends to buy or sell real estate in Florida, they must be able to trust and enforce their real estate contract. However, there are certain elements that a real estate contract must have legal validity and other conditions that the contract must include in order to be useful to both buyers and sellers of real estate. In addition to the requirement that a contract for the sale of land must be in writing and signed, there are several other provisions of such an agreement that Florida courts have considered essential terms of a real estate contract. If you have any doubts that the other party involved in your real estate contract does not have the capacity, it is vital that you do due diligence to avoid legal problems in the future.
With more than 20 years of experience, the real estate attorneys at Antonopolos & Associates have the knowledge and experience needed to help clients with real estate litigation in DC, Maryland and Virginia. On the other hand, certain provisions that are often found in a real estate contract are not considered essential. Because of this, it's important for business owners to understand the elements of a contract that make it legal and binding. These costs and the party who will pay them vary significantly from one transaction to the next and should therefore be included in the real estate purchase agreement.
There are more aspects to a valid contract than simply accepting some terms and signing a piece of paper. To do so, they must ensure that their agreement is in writing, signed by all parties to the agreement, and that none of the essential terms, discussed above, are missing. However, a signed brief isn't the only thing required to enforce a real estate contract. From real estate litigation, wills & trusts, estate planning, probate, construction litigation and commercial law, Antonollos & Associates has the experience and talent to meet your legal needs.