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Contracts in real estate are subject to scrutiny

Real estate contracts, like all other contracts, are based on a specific area of law. There are overriding contract principles that pertain to all contracts, such as the requirements of an offer, acceptance and consideration. Without these three key items, there is no contract.

A real estate contract is a specific kind of contractual agreement that deals with the buying and selling of land. Most people encounter this type of contract when purchasing a home, but businesses engage in these types of transactions all the time as well. The contract will dictate the rights and responsibilities of the seller and the buyer, which are different depending on the nature and circumstances of the contract. Real estate contracts come under scrutiny specifically when the mortgage broker has standardized, preprinted agreements with service providers.

Because contracts have to be entered into voluntarily and without coercion or duress, it is imperative that all parties to a contract are on a level playing field. This includes, but is not limited to, making sure that the buyer and the seller disclose all that needs to be disclosed prior to signing a contract. If there are discrepancies within the contract itself, or if a party fails to perform under the terms of the contract, then the party that is harmed can look to the courts to resolve the matter.

Many business relationships are defined by contract law. Oftentimes what the contract provides for is what is adhered to by the courts and by the parties involved, unless there is something wrong with the formation or the execution of the contract. Contracts can govern the terms of a commercial real estate transaction in Michigan.

Source:, "Preprinted real estate contracts could get you fined," Todd Ewing, Jan. 23, 2015

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