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A DC Real Estate Contract Lawyer

In the District of Columbia, a written contract is required for a real estate contract to bind the parties during a purchase and sale transaction.  Whether residential or commercial, real estate contracts often contain complex provisions that may be challenging to interpret without legal contract experience.  Parties most often underestimate the complexity of the contract and the transaction.  Engaging an experienced Washington DC real estate contract lawyer can clarify these terms and safeguard against unfavorable conditions imposed by the other party.

Zaharevich Law Office provides you with a dedicated ally, which is especially important if legal complexities arise. With extensive experience in District of Columbia real estate issues, we’re here to help you protect your interests during the sale.

The Role of a Real Estate Contract Lawyer in the District of Columbia

A Washington, DC, real estate contract lawyer may assist you during the sale by looking out for you and providing disinterested feedback about the details and terms of the contract.  Additionally, we can help with many tasks and obligations, including:

  • Examining all paperwork connected to the sale, investment, or leasing of residential or commercial properties
  • Assessing property-related obligations, including liens, covenants, and easements
  • Formulating, scrutinizing, and clarifying the contract, detailing your specific rights and duties within it
  • Pinpointing potential contract issues and advocating for improved terms
  • Preparing all necessary documents to ensure a successful real estate transaction closure.

Whether you’re the seller or buyer, retaining legal assistance before and during the transaction can save considerable time and expense.  Zaharevich Law Office consistently represents buyers and sellers in residential and commercial transactions throughout Washington, DC. We’ll guide you through each phase, ensuring your rights are always safeguarded.

Greater Capital Area Association of Realtors (GCAAR) Contract

The Greater Capital Area Association of Realtors (GCAAR) Contract is a comprehensive document widely recognized in the Washington, DC, and Maryland regions.  Designed and drafted by industry professionals, this contract seeks to standardize real estate transactions, though the standard terms may not provide the protections the parties might expect or desire. Understanding the nuances of the GCAAR Contract is essential, as it is the foundation for many residential and commercial real estate dealings in the area.

Breach of Real Estate Contract

You might require legal assistance if another party breaches a real estate contract. Under District of Columbia law, the wronged party can seek financial compensation if a sales contract is breached. For instance, if a buyer breaches, the damages might equate to the difference between the contract price and the property’s current market value minus any deposits or payments already made by the buyer.

Sometimes, you might pursue a remedy called specific performance, which is more commonly sought when a seller, rather than a buyer, breaches the agreement. This legal action urges the court to compel the defaulting party to honor their contractual commitments. For example, a court might mandate a seller to proceed with a property sale. However, specific performance against a buyer is rarer, as they might argue an inability to fund the property purchase.

Liquidated Damages

Parties involved in a contract might decide beforehand on the sum to be paid by a party in case of a breach. This specified amount is mentioned in the contract and remains undisputed upon breach. This concept is known as liquidated damages. For instance, in a standard residential sales agreement, if the buyer doesn’t fulfill their contractual duties, the contract may stipulate that the seller has the right to retain the earnest money deposit.

Contact a Washington DC Real Estate Contract Lawyer

Should you require assistance with a real estate transaction in the District of Columbia, consider contacting the real estate contract attorney at Zaharevich Law Office. Contact our office to arrange a consultation and discuss how we can assist you.