I’d like to expand upon Lee Flaherty’s article from last week by sharing examples from three files that are sitting on my desk as I am writing this.
Example 1. We recently helped a client finalize a real estate transaction. One of the documents that controls the post-closing relationship of the parties contains a clear provision that states if “A” occurs, our client has the option of pursuing “B.” Even though “A” has not happened, one of the other parties is nonetheless insisting that our client proceed with “B.”
Example 2. A few weeks ago, a client asked us to review a purchase agreement for the sale of his property. The buyer had found an agreement form online and filled in the blanks. The form included provisions that have not been part of real estate transactions for decades, while omitting more recent provisions required by law, and customary protections for the parties. It was so outdated that it was unusable.
Example 3. I am reviewing an agreement that is the culmination of discussions that have been ongoing between our client and another party for months. Working through the many pages and thousands of words, I came across a simple three-letter word that, when read and understood in context, creates the potential for costly and dire consequences for our client.
My point is this: The possibility for adverse consequences increases exponentially when parties use documents that are poorly drafted or simply misunderstood. Just one of the many reasons why you can depend on the attorneys at Wright Beamer to pay close attention to details. If you need help, call us at (248) 477-6300.