Are you considering purchasing your first home in Miami? Do you want to sell your property? If you answered yes to either of these questions, then you likely want to know what is needed for a real estate contract to be considered valid.
First, the contract being created must be for a legal act. If there is an illegal act addressed in the contract, that contract will be ruled invalid almost immediately.
The second thing needed to ensure that a real estate contract is valid is that both parties are competent when the contract is created. This means that they are of sound mind when drafting the contract and are not being manipulated into signing it.
The contract must also include an agreement. The agreement has two parts: the offer and the acceptance. You need someone to make an offer to buy the property and someone to accept the offer to sell the property.
The contract also needs to have some form of consideration. Consideration could be assets, property, money or any other item that exchanges hands during the sale.
Finally, the real estate contract must include consent. As noted, both parties need to have consented to the contract while of sound mind, and consent must also have been given willingly by both parties.
Real estate contracts can easily be ruled invalid in court if you do not include every item that was mentioned here. Experienced legal guidance is important when drafting such a contract so that your time is not wasted when trying to buy or sell a property.