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- A real estate purchase contract is a legally binding agreement that governs the purchase and sale of a property12. The contract should include the following items34:
- Identification of the parties
- A description of the property
- Essential details, rights, and obligations of the contract
- Contingencies or conditions that must be met before the sale can go through
- The condition of the property
- Which fixtures and appliances are included in the sale and which are excluded
- The amount of the earnest money deposit
- Itemized closing costs and who is responsible for paying them
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A real estate purchase agreement is a legally binding agreement that governs the purchase and sale of a property. Made between a buyer and seller, it defines the terms of the transaction and the conditions under which a sale will occur.www.rocketmortgage.com/learn/real-estate-purcha…Every home sale starts with a real estate purchase agreement—a legally binding contract signed by home buyers and sellers that confirms that they agree upon a certain purchase price, closing date, and other terms.www.realtor.com/advice/buy/real-estate-purchase-…In addition to the agreed-upon consideration, a real estate purchase contract should include the following items:
- Identification of the parties
- A description of the property
www.thebalancemoney.com/purchase-contract-179…A buyer and seller draw up a contract that includes the following information:
- A legal description of the property
- Names and addresses of the buyer and seller
- Purchase price
- Down payment
www.forbes.com/advisor/mortgages/what-is-a-land … - People also ask
Free Real Estate Purchase Agreements | PDF | WORD
A real estate purchase agreementis an instrument that is employed when individuals partake in the purchase & sale of a residential dwelling. This can be applicable to a single-family house, condo (or another type of common-interest community property), duplex, etc. Once a buyer shows interest in a residence for sale, … See more
Once a purchase agreement for the sale of residential property has been signed and is in escrow, participants are legally bound to uphold the commitments registered within … See more
A contingencyis essentially a clause within the contract that stipulates that if a certain requirement is not met, then the contract is void or open to further negotiations. These … See more
An addendumis an additional form that can be attached to the purchase agreement. It can provide supplementary terms to the contract that either alter the course of the previously arranged agreement or simply just add to it at the time of its inception. As mentioned in the previous section, a contingency can come in the form of an addendum. … See more
A lot of people use the terms “Realtor” and “real estate agent” interchangeably and do not realize that they are not technically the same. Read the descriptions below to better understand the key differences between the two. See more
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