Each State differs with regard to laws, rules, and regulations governing real property transactions. Below are factors to consider when buying or selling real estate in Real Estate Transactions in Montana.
Legal Due Diligence in Montana
Unless buying a home in a platted subdivision, a Buyer is advised to pull a preliminary title report to understand the invisible legal risks of the property you’re buying. Montana assumes Buyers have knowledge of every document in the public record pertinent to a property and that Buyers understand the meaning of every document, and how they interact with other documents. Check zoning, land use restrictions, water, septic, easements, roads, and anything else your research unearths before buying. If you’ve signed a purchase and sale agreement, use the inspection period to address the physical aspects of the property and the invisible legal risks to the use of the property and to the financial security of the Buyer.
TC Solution: Use TIER to understand the risks to use and financial security of documents located at the County Recorder’s Office. For risks not located at the County Recorder’s Office, use TIER Plus.
Contract Language in Montana
Montana courts interpret contractual provisions according to their plain, ordinary meaning. Generally speaking, a Montana court will only consider evidence outside a contract if it determines the language in the real estate contract is ambiguous. In reviewing a real estate purchase and sale agreement, assume nothing and check everything. Make sure the language of the real estate contract is precise and reflects your exact understanding of the transaction.
TC Solution: Use TC Review to answer questions about a signed real estate contract. Understand your legal position. Get your questions answered.
Get Everything in Writing
When putting together a purchase and sale agreement, or a modification, you must require written documentation to substantiate any oral representations prior to purchase. Oral contracts conveying an interest in real property are invalid in Montana. Generally speaking, Montana courts will not enforce oral agreements to convey an interest in real estate. Be prepared to clarify vague, ambiguous, or overbroad contract terms. Be specific about performance, timeframes, and remedies for breach of contract. Generally speaking, Montana courts will not enforce implied meanings or assumptions, regardless of the circumstances.
TC Solution: Use TC Drafting to draft a custom document addressing your transactions idiosyncrasies. Every property is unique. Your contract should represent the unique nature of your transaction.
Timely Contract solutions help avoid common problems during the Real Estate Transactions in Montana… and help you sleep better at night!
This posting is not legal advice. Legal advice is based on specific facts. This information is necessarily general in nature.