A property agreement allocates risk before anyone knows which problem may arise. Review should focus not only on the intended deal, but also on what happens if financing, inspection, title, possession, or performance does not proceed as expected.
Confirm the parties and authority
Use correct legal names and identify business entities, trustees, estates, or agents. Confirm that the person signing has authority to bind the owner, buyer, tenant, or guarantor.
Identify the property and included rights
The written description should match the intended property and address included fixtures, access, storage, parking, common areas, personal property, and other material rights where relevant.
Understand every contingency
Financing, inspection, due diligence, title, board approval, sale of another property, or other conditions may control whether a party can proceed or cancel. Note who must act, what proof is required, and when.
Calendar every deadline
Deposits, notices, objections, applications, cure periods, closing dates, and delivery obligations can affect rights. Do not rely on memory or assume a missed date will be extended.
Review representations and disclosures
Understand which facts are promised, which are merely described, and which risks the agreement assigns to investigation by the other party.
Know the default and remedy provisions
Examine what constitutes default, whether notice and an opportunity to cure are required, what happens to deposits, whether damages are limited, and whether specific performance or fee-shifting may be sought.
Keep the complete transaction file
Preserve signed agreements, riders, amendments, disclosure documents, reports, approvals, correspondence, payment records, and evidence that notices were sent or received.