Real Estate Contracts

When purchasing real estate, the sale agreement and agreement of payment terms are extremely important in finalizing the purchase. Real estate contracts are designed to protect both the buyer and seller of the real estate. Both parties must sign the contract in order for it to be legal and valid. There are certain things that must always be presented on real estate contracts. Most of the time, this consists of the name or names of the buyer and seller or buyers and sellers, the actual, physical address of the property being sold, the agreed upon purchase price, and all terms of the contract. Without these items, most of the time the contract is not completely legally correct. Make sure before signing anything that all needed information has been included in the contract.

Usually, there are other things included in real estate contracts that make it clear and easy to understand. Some of these items can include the amount of the down payment, when and where the property was closed, the details of any warranties and home inspections, and arbitration terminology. The more thorough a contract, the more each party should be protected. There are several legal forms involved when signing real estate contracts, so be sure that you have everything you need and everything organized before sitting down to sign all of the paperwork. Usually, a real estate broker (i.e. the person selling your home) should be enough to serve as a witness and to explain everything to you. In some instances a lawyer is necessary, but most of the time it is not needed unless you so desire. Be sure to do your research before signing any kind of contract, and once you feel comfortable and understand all of the terms, you'll be ready to sign and move into your new home.
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