Generic Forms Are a No-No in Real Estate?

by Isaac Benmergui, Esq on December 9, 2013

Sure, it’s easy, cost-efficient and maybe even a safe bet when working on a real estate deal of some kind. But believe it or not…. you might be playing with fire at the use of just some basic generic forms. Here’s, yet, another major surprise when it comes to real estate law and deals. Generic forms, such as “lease with option purchase” forms, don’t cover all the bases in a real estate deal.

There are so many questions to consider, questions requiring the input and advice of a skilled real estate attorney. No generic form can handle any of those questions. You might be facing any of these dilemmas:paperwork

  • How long will the lease go?
  • Will there be any credit for rent toward the property?
  • Do you want to be “legally bound” to the house?
  • Do you want the “right to first refusal”?

Ask yourself if you happen to know the answers to any of those questions; and if you do, you’ll probably know to customize those generic forms to include such matters. Chances are you really don’t, not without the consultation of an attorney or agent. So do away with the forms. Genericity is left as an issue to address in trademark law.

This is real estate law. Genericity shouldn’t even be discussed. If you’re involved in a real estate deal — be it a commercial property or just a home in a neighborhood — cover all your bases, get an attorney to review every detail, and ensure that nothing in the dealing is cookie cutter. Just about 101 things can happen in a real estate deal. You have to be prepared for all of it.

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