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Real Estate Contract

A purchase agreement, or real estate contract, is a contract between parties for the conveyance of real estate. Freehold conveyances of real estate are covered by real estate contracts, including conveying fee simple title, life estates, remainder estates, and freehold easements. Real estate contracts are typically bilateral contracts, agreed to by all parties involved, and should have the legal requirements specified by contract law in general and should also be in writing to be enforceable.

As a real estate contract is a legally binding document, it is important to be aware there are certain clauses and terms that appear in traditional real estate purchase contracts:

A list of the parties involved, generally the buyer and seller
Legal description of the property, including zoning information
Purchase price and terms of the sale
Down payment to be held in escrow, and future payment structure
Closing date -- when the deed will change hands Any items included in the sale, such as appliances, furniture and flooring
Disclosure of lead paint (lead-based paint disclosure form for buildings built before 1978) and other defects
Home warrantees and warrantees on appliances Inspection results, including termite inspection.
Seller assumes the cost of major repairs.
Title insurance. Were there any problems during title search?
Commissions, if any
Signatures

Make sure you read the contract carefully before signing it. Every word is important. It is recommended to have both a lawyer and a real estate agent present during the contract signing if possible. Request clarification of any term you don't fully understand. Feel free to ask as many questions as necessary and don't feel bad for not knowing the answers. Sign only when you feel comfortable with all the answers.

The real estate contract is going to be the guideline the closing agent uses to complete the sale and transfer of the property. It is very important that the contract cover all the requirements of the buyer and seller to avoid any conflicts that may arise during the closing.
 
 
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