elizabeth weintraub is a nationally recognized expert in real estate, titles, and escrow. a real estate purchase contract is a binding agreement, usually between two parties, for the transfer of a home or other property. the parties must both have the legal capacity to make the purchase, exchange, or other conveyance of the real property in question, and the contract is based on a legal consideration, which is whatever is being exchanged for the real estate. if a contract to purchase real estate is not written and signed by both the buyer and seller, it is not enforceable. the purpose is to prevent fraud and avoid situations where a court has to believe the word of one party over another. various templates and forms that allow you to create your own purchase contract are available but consider consulting an experienced real estate attorney or agent.
the list of contingencies might include a loan contingency, which provides details on the type of loan the buyer intends to arrange for and allows them to get out of the contract if they are unable to obtain that financing. alternatively, the buyer can ask the seller to accept a lower purchase price or to make certain repairs that would be costly to the buyer or a matter of health and safety. there is also a chance that the sale is contingent on another real estate transaction taking place before this one. the mortgage company typically requires the buyer to get an appraisal to determine whether the home is worth what the buyer has agreed to pay. the amount should be specified in the contract, and the money is credited toward the final negotiated purchase price. the types of closing costs and the party who’s responsible for them vary from state to state, but they typically amount to 2–5% of the purchase price of the home. this includes taxes and fees related to the transfer of property, such as the recording of the deed and payment to the title company, which conducts research to trace the chain of ownership of the property and makes sure no one has a monetary or ownership claim on it.
a real estate purchase agreement is the legal document that protects seller rights when working with a homebuyer. there are several key terms in a real estate purchase agreement that you should include and understand to guarantee that your transaction goes as smoothly and quickly as possible. your real estate purchase agreement will need to guarantee that the statements contained within are true and accurate. a real estate purchase agreement’s legalities are based upon the fact that specific conditions are met.
get help with a real estate purchase agreement by working with a legal professional. do not let them gain the upper hand when engaging in one of your biggest lifetime expenses, so hire a lawyer to protect your rights from the outset. with over 16 years of experience in the area of estate planning, trademarks, copyrights and contracts, i am currently licensed in florida and nj. “contractscounsel suited my needs perfectly, and i really appreciate the work to get me a price that worked with my budget and the scope of work.” their platform put me in touch with the right lawyers for my industry and the team was as responsive as humanly possible during the whole process.
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