If you’re new to the business or need to know what these terms mean because you’re buying a property, read on as this article will explain them thoroughly.
These contracts or agreements are valid, legal contracts that act as safeguards for everything related to the purchase to work in a way both parties (a seller and a buyer) have agreed. They serve as legal safeguards because, as is always the case, buying real estate involves a lot of money, and everyone, especially the buyer, needs to have assurances that everything will go according to plan and nothing will go wrong.
Once a contract or agreement is signed, both parties have assured legal rights and individual responsibilities they need to follow and fulfill.
However, the difficulty with these contracts is that they are often very complex and something that only a lawyer can understand.
Charles Carillo is the founder and managing partner of Harborside Partners. He has invested in over $25 million worth of real estate, in several states, and has extensive knowledge in renovating and repositioning multifamily and commercial real estate. Charles holds a BS from the Connecticut State University.