Sales Contract / Property for Sale - Tips Real Estate Sale
Real Estate Sales Contract Success Tips
A written real estate sales contract is not only required by law, but also wise to protect your interests and avoid costly disputes. Real properties for sale involve significant dollar amounts, so it's important to use the proper documents. We offer professionally drafted agreement contracts and state-specific packages to make it easier and more affordable than ever.
Whether you have property on sale by owner or through a broker, you want to use a form designed to comply with your state laws. Especially when a home sale is involved, each state has its own laws regarding what seller disclosures are required, so a generic form may not comply. Houses for sale may also be subject to federal disclosures requirements about lead paint and other warnings. Commercial real estate is usually subject to different requirements, and different building codes. Real estate land for sale may need make disclosures about wetlands or other information as well. Whatever type of property for sale is involved, having a properly drafted form can help ensure a smooth transaction.
Tips for a Real Estate Sale
- 1. Costs and Fees - Make sure the purchase and sale agreement covers who will be responsible for fees, such as property tax, appraisal, insurance, utilities, inspection, title transfer, and closing costs.
- 2. Warranties - Make sure the warranty terms are in writing, even when no warranty is provided. For example, homes for sale without any warranty should state the sale is being made "as is". State laws often require specific warranty terms for new home sales, which vary by state.
- 3. Financing - The real estate sales contract should be specific about how the purchase price is paid, detailing any applicable amounts attributed to seller financing, earnest money, loans, and/or cash payments.
- 4. Conditions of Sale - If the property of house for sale is contingent on approval of financing or other conditions, it needs to be stated in writing.
Of course, there are many other items to be covered when buying a house or other properties, so one advantage of having a professionally drafted template is that you only need to fill in the blanks. A home purchase package that's specifically drafted for your state makes it even easier by including all the necessary forms at a steep discount compared to purchasing the forms individually. Free previews are available and forms can be filled out in Word format from the convenience of your own computer.