Real Estate Contract & Lease Negotiation
A real estate contract is a legally binding document between two or more parties. Whether you are looking to buy, sell or lease residential or commercial property, you should always seek out the services of an experienced real estate lawyer in Miami-Dade County to draft or negotiate a contract that fully suits your particular needs.
Despite knowing the importance of a real estate contract or lease agreement, it is still common to find buyers, sellers, tenants and landlords (in both residential and commercial settings) seeking legal guidance about a contract matter that could have been prevented if an experienced real estate lawyer had been consulted. At that point, negotiation or litigation becomes necessary and your legal fees inevitably begin to increase. This is oftentimes the result of a poorly understood contract or lease agreement.
Legal advice from experienced real estate lawyers in South Florida is valuable in negotiating the best possible contract to purchase, sell or lease real estate. Having an expert in real estate law in Broward County ensures a carefully drafted agreement that will serve all of the parties in the deal. It also reduces the potential for problems and disagreements and lawsuits later on.The Process of Negotiating a Contract or Lease
One of the biggest mistakes you can make is to believe that there are “standard” real estate contracts in Florida. A good and comprehensive agreement is never a “one-size-fits-all” formula. Every contract needs to be based on your terms and specific requirements. The best way to negotiate a contract is by hiring an experienced real estate lawyer in Miami before entering into the transaction. Even if you already have a real estate attorney on hand, here is a basic checklist to consider:
- First, determine your needs. Answer questions such as “How much space do I need?”, “What location am I looking for?”, “What amenities should the property have?” How much do I want to pay?
- Second, survey the market of available locations and choose the one that best fits your qualifications. If you are selling, find out what comparable properties have sold for and price your property accordingly.
- If you are interested in leasing a property in Miami or Broward County, look into the landlord’s history. Have they encountered disputes with tenants in the past?
- Next, consider the finances of the deal, the start date of the lease, tenant improvements, rent deposits, and other valuable details.
- Fifth, once your offer has been submitted, work closely with your real estate attorney to close the deal.
It is normal for some real estate transactions to encounter problems. Your first course of action is to consult with an experienced real estate attorney to discuss and analyze your options. There is no need to resort to litigation right away, instead, your real estate lawyer may be able to enter into negotiations which prevent litigation. Here are some pointers:
- With the help of your lawyer, know exactly what you want to happen.
- Work towards a solution, instead of provoking an argument.
- Once an agreement is reached, have your real estate lawyer draft what you have discussed and deliver the document for signature.
If you or anyone you know is in need of legal assistance in a real estate contract or lease agreement matter in Miami, Broward, or Palm Beach County, please contact ESQ.title today for a free consultation at 305-501-2836.