Nowadays, we hear news stories more frequently about property fraud, scams and inequitable property agreements. When it comes to real estate transactions involving significant amounts of money with the potential for litigation, you need to be vigilant when executing sale and purchase agreements (SPAs).
SPAs are used when a vendor decides to sell and a buyer decides to purchase, the price has been agreed upon, each party wants the other to commit, and the buyer is willing to make a deposit. Once an SPA is in place, the subject property is off the market and treated as if it has been sold.
It sounds so simple, doesn't it? However, an SPA involves more than just an agreement on price and a willingness to complete the deal. A deal can sometimes fall through because one party is requesting unfair conditions, causing the other to shy away from the deal.
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