This is a sample Basic Real Estate Contract. A Real Estate Contract is a legally binding document between two or more parties participating in a purchase and sale, exchange or transfer of real estate. The form may be customized to suit your needs.
If a seller doesn’t follow the contract terms, the buyer might be able to take legal action or ask for damages. It’s like a warning shot that says everyone needs to play fair!
Closing is the final step where all parties sign the papers, the buyer pays, and the property officially changes hands. It’s like crossing the finish line after a long race!
Yes, but it usually depends on the contingencies. If one is not met, a buyer might be able to walk away without any hiccups.
Contingencies are conditions that must be met for the sale to go through. Think of them as safety nets, like needing to secure financing or get a satisfactory home inspection.
While it’s not a must, having a lawyer can be a smart move. They can help make sure the contract is solid and covers all the bases, so you’re not left high and dry.