Real estate sales contracts refer to legal documents that state the terms and other details of the sale of real estate products. Buyers, sellers, or agents that enter into real estate sales agreements are legally bound to fulfill their obligations as stated in the contracts. A real estate sales contract can be used in the sale of all kinds of property, including a house, apartment unit, office space, retail store, commercial building, and industrial facility.
A real estate sales contract is the most important document used in the sale of a real estate product, such as a home or piece of land. It states the terms and conditions of a real estate deal and can only be used for property that has already been completed. It outlines the rules, timeline, and contingencies that apply to the sale of a property, as well as important information regarding the agreement, such as:
• Purchase price
• Financing terms and timeline
• Closing timeline and division of closing costs
• Inspection contingencies
• Other important provisions
A real estate sales contract can be used for any kind of real estate sale or purchase, as long as the property has been previously owned or will be completed before the contract’s closing date. Common reasons to use such a contract include:
• Someone wants to conduct a private property sale
• A seller will be providing financing for the buyer
• The sale will be made between family members
It is a good idea to hire an experienced lawyer to review the home sale contract before signing it. A home sale contract is a special tool that has special requirements on top of the standard rules for creating a contract.
