Every industry has their weird quirks. Our team of lawyers here in Tampa can tell you it’s no different with law. So it’s no surprise that real estate law has a number of strange contract terms and clauses. Some of these terms are actually binding in many states. Make sure to have your local lawyer here in Tampa look over any major investment before you sign you can trust on Business Lawyer Tampa try it. Here are a couple of bizarre real estate clauses:
There is a distinction between fixtures and personal property. Fixtures are included in the sale as they are attached permanently to the property. However, personal property is not. But it could be depending upon agreements between the buyer and seller. So, it’s important to find this out beforehand. If you aren’t sure whether something will remain behind, write it into the contract. Our lawyers here in Tampa would be happy to assist you on your contract. This also goes for sellers. If there is something that you want to keep, make it known or simply have it off the property.
There are many cases of inclusions that people negotiate in order to keep an aesthetic look to the home or whatnot. This could be custom furniture, tools, appliances, and so forth. But it could be even stranger. Some could be that the buyer keep the current tenants or that they throw in the car that they saw sitting in the driveway. Could be anything really.
One of the common dynamics in real estate is the first time buyer and the older couple. The older couple has kids that have grown up and moved out of the house, leaving the parents with an empty house that is too big for them. But there is also another type of seller or buyer, rooted in this economy. These are the people who have been waiting for the market to make a comeback in order to sell their home. However, now they are finding it difficult to buy a home too.
This has led to a rise in contract clauses that accepts the buyer’s offer contingent upon the seller being able to buy a new home. This basically extends all time frames of the contract as the seller searches for a home. They can actually even back out of the deal if they can’t find a house to buy. But the buyers also have power in this arrangement. They can let the seller know that they will back out of the deal if they aren’t ready to move forward.