A real estate purchase contract is an essential instrument in your transaction, but what is it? What does it include?
What is a Real Estate Purchase Contract?
A real estate purchase contract, which is also called a residential purchase agreement, is a binding agreement between two or more parties. The contract allows you to exchange something for real estate property (typically, money for a house).
A real estate contract must be in writing in order to be enforceable. It also needs to contain the:
- Names of all the parties involved
- Identification of the property you’re agreeing is part of the transaction
- Your agreed-upon purchase price
- All parties’ obligations
- Contingencies that must be met in order for the deal to go through
- Amount of your deposit
- Property’s condition
- List of what is included and what is not included in the transaction
- Projected closing date
- Closing costs (and who’s responsible for them)
- Signatures of each party involved in the transaction
Are You Buying a Home in Lake City or the Surrounding Communities?
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