A real estate contract is legally binding once you have signed it. You are expected to know what is in contractual agreements prior to signing and you will be required to comply with the terms of the contract that you have agreed to. As a result, if you are being pressured to sign a contract without having a lawyer review it first, you are putting yourself at risk of agreeing to an unfavorable transaction.
Before you sign a real estate contract, you should have the agreement reviewed by a Las Vegas real estate lawyer who is representing you. An attorney from Pintar Albiston, LLP can advise you on whether the contract terms are reasonable; can help you to negotiate the most favorable contract terms possible; and can help you to minimize the risk of real estate transactions. Call or contact us online today to speak with a member of our legal team to learn more.
Talk to a Lawyer Before You Sign a Real Estate Contract
Under contract law in the state of Nevada, you have a duty to read. Essentially, this means that you are expected to know what is in a contract before you have signed the agreement. Ignorance of the terms of the contract or a lack of understanding about its provisions is not going to excuse you from performance. Whether you know what you agreed to or not, you will be bound by the contract except in very limited circumstances such as if you had no mental capacity to sign or if you were forced to sign under conditions of fraud or duress.
If you are being pressured to sign a contract before your lawyer looks at it, there is probably a reason for that. You should not sign any real estate contract without first having it reviewed by a legal professional to ensure that the terms are fair and reasonable. If you sign a contract and it later turns out that you are not happy with it, a variety of different things could occur depending upon the circumstances:
- You could lose any earnest money or deposit you put down.
- You could be sued for breach of contract and made to pay monetary damages to the other party.
- You could be searched for breach of contract and the other party could seek specific performance. This would mean that you are required to complete the real estate transaction even if you do not wish to do so.
The costs of contract litigation, combined with losing your money or being made to pay damages, can be very significant. Being forced to complete a transaction that is not favorable to you can also result in significant financial hardship. A real estate purchase or sale often involves high stakes because large sums of money are involved and you do not want to take a chance on entering into an agreement that hurts your interests. Pintar Albiston, LLP will advise you on the contract, help you to minimize your risk and assist you at every step of the way in determining if a contract is right for you. Call or contact us online today to learn more.
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