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Top Things to Look Out For in a Residential Real Estate Contract The Basic Terms of the Deal. ... Purchase Price and Earnest Money Deposit. ... Property and Fixtures Included. ... Tax Proration. ... Attorney Approval/Modification Contingency. ... Other Important Contingencies.
A real estate contract often includes: Price. Sales/closing target date. Deadline by which the offer expires. Earnest money deposit amount. Details about who pays for inspections, survey, title insurance, etc. Details about adjusting utilities, property taxes and other fees.
A purchase agreement is the most common type of real estate agreement. This contract specifies the details regarding the sale of property. It will include the address of the property, the price, names of both parties, signatures of both parties, and the closing date.
How to write a real estate purchase agreement Identify the address of the property being purchased, including all required legal descriptions. Identify the names and addresses of both the buyer and the seller. Detail the price of the property and the terms of the purchase. Set the closing date and closing costs.
Any purchase agreement should include at least the following information: The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.