Well the contract that the seller signs, I mean if you think about it, creates an obligation for a very valuable asset. And so, you want to make sure that you’re OK with those obligations.
One thing that I would say at the outset with a new client is, in a residential real estate transaction, most people are thinking, “After I sell this property, I’m moving and I‘m done with it. It’s not my property anymore.” So you want to make sure that there are no representations or warranties or other types of obligations that could survive closing.
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Well the contract that the seller signs, I mean if you think about it, creates an obligation for a very valuable asset.
You need to look into the language of the contract to see whether there are warranties that are intended to survive the closing. And then if something has been drafted into the contract, into the form, again, you want to make sure that that doesn’t impose some kind of obligation on you after the closing.
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– Spencer R. Munns is an experienced real estate attorney and shareholder with the law firm of Bogin, Munns, & Munns, a full service law firm with offices in Orlando, Clermont, Kissimmee, Orange City, Daytona Beach, Ocala, Melbourne, Gainesville, and Leesburg, Florida. He welcomes questions and comments regarding the above and can be reached at spencer@boginmunns.com.
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