A Signed Real Estate Contract Is More Than Just a Purchase Price

As a Maryland real estate attorney, one thing I see often is buyers and sellers focusing heavily on the price of the property while overlooking some of the smaller details in the contract.

Those “small” details can become very important once the contract is signed.

Before signing a Maryland real estate contract, I always think it is worth slowing down and looking closely at a few things:

✔ Contingencies
Know exactly what your inspection, financing, and appraisal contingencies allow you to do, and when those deadlines expire.

✔ Deadlines
A date in a contract is there for a reason. Missing an important deadline can affect your rights under the agreement.

✔ Earnest money
Understand when your deposit may be returned and when it could be at risk if the deal does not close.

✔ Seller disclosures and property documents
Buyers should take the time to review the documents they receive instead of treating them as just another part of the paperwork.

✔ Settlement and possession
Make sure everyone is clear about when settlement will happen, when possession changes, and what condition the property is expected to be in.

A standard contract may look routine, but every deal is different. I have seen problems come up because someone misunderstood a deadline, assumed they could walk away, or did not fully understand what they agreed to.

My biggest advice is simple: understand the contract before you sign it, not after there is already a problem.

For the investors here, what part of a purchase contract do you pay the closest attention to before signing?

This is general information about Maryland law and is not legal advice for a specific transaction.