Purchase Contracts FAQs
Why do I need a purchase contract?
A real estate purchase contract is required by a law in every state called the statute of frauds. Real estate purchase contracts must be in writing according to the statute of frauds. This rule also applies to a lease purchase agreement contract. By putting a land purchase contract or lease purchase contract in writing, there are less chances of fraud, mistake, and other problems in the chain of title.
What needs to be included in a contract to purchase real estate?
The answer will depend on whether you create a commercial real estate purchase contract or home purchase contract. Generally, purchase contracts must contain basics such as the names of the parties, identification of the property, sales price and payment terms and dates, occupancy/possession date, any warranties, and provisions for payment of closing costs, property tax and insurance.
What other forms beside a purchase contract template do I need for a home purchase agreement?
US Legal Forms offers a home sales package that contains an offer to purchase, a home purchase contract template, seller's disclosure, and lead disclosure forms, at a substantial discount. We also have many individual forms that might accompany a real estate purchase contract template, such as:
- Closing Forms
- Contract for Deed
- First Refusal Agreement
- Heirship Affidavits
- Promissory Notes
- Tax Free Exchange
- Real Estate Partnership
- Lease to Purchase Contract
- Lease Amendment
- Addendums to Contract
- Property Deeds
- Foreign Person Affidavit
- Uniform Loan Application
- Real Estate Options
What are lease purchase contracts?
A lease purchase agreement is a real estate purchase contract form in which rent is essentially an installment payment toward the purchase price. A lease to purchase agreement is a form of owner financing that is often used when the buyer doesn't qualify for a commercial loan or the property has been on the market for an extended period. Lease purchase contracts are also referred to as rent to own, contract for deed, or land contract agreements.
What form is needed to change the move in date?
The answer will depend on whether a house purchase contract or lease is involved. We offer forms for extension of lease to renew or extend a lease and also early lease termination agreements and notices to end a lease early. For a sales contract for lots or land, we offer addendum forms that can be used to change the terms of an existing purchase contract form.
What do I do after I complete the purchase contract sample?
Each page of the purchase contract form should be initialed by the parties. The real estate purchase contract form must be signed at the bottom by the buyer and seller. A receipt of earnest money may also be signed.