When dealing with real estate, there will always be a chance of disagreements involving a contract due to a variety of reasons. This can lead to timely and costly litigation, which is why it’s extremely important to understand common issues and planning for them to avoid disputes. One of the biggest obstacles one may encounter during a real estate deal is post-closing on a contract. Disputes of this nature can often be expensive and lengthy. Let’s go over a few disputes that arise during this process.
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Contracts with Ambiguous Language
Imagine having to sign a contract to kickstart a project but it’s full of terms and conditions that you don’t understand. Worse, imagine assuming the language means one thing when in reality it means another. When presented with a contract that’s incomplete or imprecise, this leaves the door open for people to make incorrect assumptions, leading to disagreements or legal action. We can help you draft a clear and concise contract to avoid possible issues.
Keep Everything Consistent
Avoid using substitutions when drafting a contract. For example, don’t alternate when using words such as “land” and “lot”. Pick one term and stick with it. If you switch back and forth between terms, you’ll risk confusing the other party and this may cause them to second-guess working with you or making a land purchase. Also, leave little room for error by having someone experienced go over your contract. This includes having litigators read over the document to ensure that its stipulations are legal and has no contradictory terms. Our lawyers can help make this a possibility for you.
When a real estate contract is understandable and straightforward, it will help avoid many distinctions, conditions or inadvertent obligations. Remember, you’ll sometimes be signing with people who aren’t as knowledgeable as you are about the industry you work in. Make it easy for them to understand what it is you two will be agreeing to. You will never want to create confusion because, as we stated above, your potential business partner or customer may avoid wanting to sign on with you.
Ambiguity can lead to many errors, misinterpretations and even litigation when it comes to contract language. Having precise and clear terms can help avoid these issues, or at least have a more favorable way of coming to a solution if an issue arises. Good business is both parties knowing what they’re getting into in terms of the conditions of the contract and walking away satisfied. Our real estate lawyers in McAllen are ready to sit down with you to go over your contract to spot any errors or issues that may result in potential litigation.