J & N REALTY, INC.

Checklist to be Used in Drafting Forms & Contracts  

1.  Is the instrument valid in the jurisdiction (both in its entirety and in its individual provisions)? 

2. Does the instrument require court approval or assent or acceptance by any third party? 

3. Should there be a declaration that the law of a specific jurisdiction will govern interpretation, validity, performance, etc.? 

4. Are all parties competent (that is, are any of them infants, mental incompetents, etc.)? 

5. May the question of undue influence arise? 

6. If an agent is involved, does his authority to act duly appear? 

7. Are there any local statutes or local requirement, such as ordinances or regulations, as to the specific form of instrument or particular provisions to be included? 

8. Have all the necessary parties been joined? 

9. Is liability to be joint, several, or joint and several? 

10. Should the instrument be acknowledged? 

11. Should the instrument be sworn to? 

12. Should the instrument be under seal? 

13. Should the instrument be witnessed? 

14. How many copies of the instrument should be made and signed? 

15. Do all parties know the contents and effect of the instrument? 

16. Have all parties signed? 

17. Are any rights unintentionally waived, either expressly or impliedly? 

18. Are the complete legal names of all parties given and correctly spelled? 

19. Is the designation of the parties uniform throughout the instrument? 

20. Are all blanks filled in? 

21. Does the date appear? 

22. Has the residence of all parties been given? 

23. Has the description been given of any property involved? 

24. Is consideration present? 

25. Has provisions been made for securing all necessary official licenses and permits? 

26. Should provisions be made for failure of performance due to: 

a. Illness 

b. Death 

c. Strikes 

d. Act of God 

e. War 

f. Other reason 

g. Destruction of subject matter 

h. Intervening incompetency of parties 

i. Prevention by other party 

j. Legal prohibition 

27. Should there be included any other provisions, such as: 

a. Definition of terms used in the instrument 

b. Provision as to assignability 

c. Clause as to duration of contract 

d. Provision for confession of judgment 

e. Provision for costs and attorneys’ fees in event of suit 

f. Method of terminating contract 

g. Provisions for default 

h. Provisions making time of essence 

i. Provision for access to records of parties 

j. Severability clause in case of partial invalidity 

k. Arbitration provision 

l. Indemnity and hold harmless provision 

m. Provision for periodic accounting by parties 

n. Liquidated damage clause 

o. Provision for giving notice 

p. Insurance provisions 

q. Payment of interest 

r. Clauses suggested by the “Optional Provisions” in the appropriate title herein 

s. Provision fixing risk of loss pending completion of contract 

t. Provision as to time taking possession 

u. Provision that partial waiver or waiver by acquiescence shall not amount to a waiver of other provisions or conditions of the contract 

v. Prevision that stated remedies are in addition to other legal remedies 

28. Shall the instrument be recorded? 

29. Where is the executed document to be kept? 

30. Has there been attached to this instrument all documents that are to constitute a part of it? 

31. Has arrangement been made to preserve a file of all memoranda and supporting papers?