By means of contract the parties agree on all the essential terms of the real estate transaction, the rights and obligations of the parties, the responsibility for the contract, etc., therefore, careful preparation and proofreading of contracts is the legal basis for real estate transactions.
The main principle of contractual law is freedom of contract. Therefore, the parties can affix in the contract anything that does not contradict the law. Unfortunately, the parties often include in the contract the conditions that can be interpreted ambiguously. In such case, in the event of a conflict between the parties, such a conditions may become the reason why the party will not be able to fully protect its rights under the transaction.
A lawyer should always be involved in the preparation or proofreading of real estate contracts. This will help to avoid possible risks in the event of a conflict with a counterparty, as well as to additionally protect rights
The process of preparing a real estate transaction can be divided into several stages:
The first stage is to discuss the transaction format, clarify all of its essential terms and features. At this stage VigoLex lawyers may ask you to answer questions about specific terms of the transaction in order to fully understand and correctly reflect those in the contract.
At the second stage, VigoLex experts prepare the draft contract, based on your answers and discussion of the upcoming transaction mechanisms.
At the third stage, all contract terms are finalized and possible additions or amendments to the contract are discussed.
At the fourth stage, VigoLex lawyers prepare and proofread the final version of the contract, as well as can prepare a cover letter for the counterparty explaining the main terms of the contract.
Supporting the conclusion of contract in real estate transactions consists in providing legal support to the client in negotiations with the counterparty, as well as agreeing and making amendments to the proposed text of the contract.
This stage is often much more resource-costly than the stage of preparing a draft contract. In some cases, the process of finalizing the contract terms between the parties can last several months, in some, especially difficult cases, several years.
Template contracts from the Internet will never replace a good lawyer, moreover, their use can delay the negotiation process or lead to the conclusion of a deliberately disputable transaction
Quite often, the process of negotiations with the counterparty and agreeing on amendments with it is greatly delayed due to the fact that the parties use template contracts from the Internet instead of entrusting the drafting of contract to legal experts, or lawyers aimlessly reverting contracts exclusively in the interests of their client, thereby creating a frank imbalance of the rights and obligations of the contracting parties.
While working with all its clients, including upon preparing and supporting the conclusion of real estate transactions, VigoLex team follows the principles of rationality, fairness and individual approach, which helps our clients to quickly and effectively protect their interests in relations with partners.
- Checking the contract edition before signing.
- Verification of all data with original documents.
- Verification of the signatories’ documents.
- Checking the availability of all documents for the contract conclusion.
- Negotiations on the transaction terms with the seller/the developer/the notary.
- Assistance in the formation of payment/payment schedule under the contract.
- Clarification on the contract terms execution.
- Approval/explanation of next steps, including ownership registration.
- Legal support of the contract signing, the lawyer’s presence at the transaction conclusion.
- Lawyer’s advice.
- Legal analysis of documents.
- Checking the legality of construction.
- Legal expertise of the contract with the seller/the developer.
- Negotiations on the terms and the procedure of the transaction conclusion with the seller/the developer/the notary.
- Providing legal reference describing the risks.
- Proposals for changes to the contract in the client’s interests.
- Lawyer’s advice.
- Checking real estate in the state registers (registration of rights, prohibitions, seizures, mortgages).
- Checking real estate owners and/or co-owners.
- Checking the seller’s powers and the documents of title for real estate.
- Study of the object history, including disputes.
- Checking the information on the persons registered in the apartment.
- Analysis of the contract and other documents.
- Drawing up a package of documents for ownership registration.