You’ve heard the old adage—that a verbal contract isn’t worth the paper it’s written on. It’s true, and particularly true in the context of real estate transactions, where it is essential to say what you mean and mean what you say. Taking the time to prepare a foolproof contract on the front end of a deal can save your client time and money. Make sure you consider the following 10 potential pitfalls when preparing a contract.
Indefiniteness
Be precise. A contract that lacks certainty is not enforceable. In other words, draft the contract so that there is no doubt as to the subject matter of the contract, the time for performance or the essential terms of the deal.
Ambiguity
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