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Basics of Orlando Real Estate Contract

Aug 17, 2007
Orlando is one of the most popular cities in United States and boasts of great weather, pristine lakes and natural beauty. Tourism occupies a significant portion of the economy of Orlando and is mainly responsible for making it a hot favorite spot for relocation. Other reasons include the growth in job opportunities and its excellent infrastructure. The real estate industry of Orlando is flourishing like never before.

Real estate investments promise maximum profits more than any other form of investment. However, it is imperative for property owners to ensure that they are dealing with the right people and that the property is not a disputed property. Transparency in a deal is crucial to enjoy a hassle-free buying experience. While purchasing any property, both the seller and the buyer enter a mutually agreeable contract commonly referred to as the real estate contract. It is one of the most important elements of property deals. Unfortunately, many people fail to realize its significance.

Since the real estate contracts in Orlando are governed by common law contract principles, individuals must understand some of the key terms pertaining to this branch of law. In most states in America, real estate agents and lawyers used standard contracts that are usually drafted in the form of an offer. Generally, the buyer (offeror) signs it and it is not binding until the seller accepts it.

Thus, mutual assent(or a meeting of the minds) is necessary to indicate that both parties have mutually agreed to enter the contract. In case the seller (offeree) agrees to the exact terms included in the offer, then it indicates acceptance. A counter offer is made if the seller sets a particular time limit within which the deal should be closed. Mutual agreement is the core of any real estate contract. If the conditions specified in the offer are not fulfilled, then the possibility of entering a contract is ruled out.

A real estate contract in Orlando is signed between the two parties, the buyer and seller, for the sale, purchase, exchange or other conveyance of real estate. Typically, real estate contracts are bilateral contracts (two-way agreement), wherein the seller agrees to sell a property and the buyer agrees to buy the same. The Statute of Frauds makes it mandatory for all real estate contracts to be in writing to be enforceable in Orlando.

Some of the legal requirements of a real estate contract are as follows:

Identify the parties: Full names of both the parties are specified in the contract. The parties, buyer(s) and seller(s), are referred to as principals in order to differentiate them from the real agents.

Identify the real estate (property): Proper address and legal description of the property must be clearly indicated to identify it.

Identify the purchase price: The contract must include the amount of the sales price or a reasonably ascertainable figure.

Include signatures: For the contract to be enforceable, it must bear the signatures of both parties.

Include Consideration: Consideration is a binding agent in a contract and refers to the value bargained for in exchange of the property.

Must Involve Competent parties: The contract can be drawn between competent parties usually defined as those with a legal age and sound mind. For instance, mentally impaired, drugged persons, minors cannot enter a contract.

All real estate contracts in Orlando must essentially have a legal purpose.
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