Real Estate - The Contract
An
agreement for the sale of real estate must be reduced to writing. Below
is a
list of many items buyers and sellers could expect in a standard
contract.
- The
sale is conditional on the buyers' being able to obtain the kind of
financing specified.
- A
description of the property to be sold.
- A
statement as to the type of deed to be conveyed.
- A
statement of any known encumbrances that the buyers agree to accept.
- A
list of any personal property that is part of the sale.
- A
statement that the purchase is contingent upon a satisfactory
inspection for wood-destroying
insects.
- A
note of the financial adjustments to be made between the parties for
such
items as prepaid or unpaid taxes, and assessments for improvements, etc.
- The
responsibilities for payment of certain costs, such as the cost of
title insurance.
- Any
guarantees the sellers are willing to make about the condition of the
house.
- The
time of closing.
- The buyers shall have the
right of inspection of the premises prior to closing.