This form is a Contract for the sale of real estate for use in District of Columbia. It can be used for a cash sale, assumption or new loan buyer. The contract contains provisions common to a real estate transaction. No broker involved.
District of Columbia Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement
Category:
State:
District of Columbia
Control #:
DC-00472
Format:
Word;
Rich Text
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How to fill out District Of Columbia Contract For Sale And Purchase Of Real Estate With No Broker For Residential Home Sale Agreement?
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FAQ
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
When a real estate contract is legally binding, all parties have accepted the terms of the contract. First one party makes an offer. The real estate contract becomes legally binding only after the remaining party or parties accepts the first party's offer.
Designated Representation occurs when the Seller or Landlord has entered into a listing agreement with a licensee and the Buyer or Tenant has entered into a buyer brokerage agreement with a different licensee affiliated with the same firm.
Clauses are specific provisions or sections in your contract that address a specific aspect of the agreement. Clauses clearly define each party's duties, rights, and privileges under the terms of the contract.
Who Prepares The Real Estate Purchase Agreement? Typically, the buyer's agent writes up the purchase agreement. However, unless they are legally licensed to practice law, real estate agents generally can't create their own legal contracts.
The bottom line is: Real estate contracts must always be in writing in order to be enforceable. While laws may vary from state to state, most states have a Statute of Frauds that applies. And in general, oral contracts are hard to prove and enforce, so it pays to have agreements in writing.
The term "clause" identifies a particular section of a contract. Real estate contracts use many types of clauses that you could see on your real estate exam.An acceleration clause in a mortgage or trust deed stipulates that the entire debt is due immediately, if the borrower defaults under the terms of the contract.
1 Access The Desired Real Estate Template To Record A Purchase Agreement. 2 Introduce The Agreement, Seller, Buyer, And Concerned Property. 3 Define The Basic Terms Of The Real Estate Purchase. 4 Record Any Property The Buyer Must Sell To Complete This Purchase.
A valid home purchase agreement must be in writing. The contract must contain an offer and an acceptance. The purpose of the agreement must be legal. There must be an exchange of things of value (usually, it's money for property)