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Contents Of A Real Estate Sales Contract

Sep 3, 2008
I know many people struggling to understand the contents of real estate sales contract. In fact the real estate sales contract is not much complicated. If you put on some efforts, you can understand the contents.

First thing you have to understand the terms and conditions used in real estate sales contract. What are the main contents of a real estate property? This article describes the various clauses included in a real estate sales contract.

1. Real estate sales contract unambiguously states the name and address of the seller and buyer. It also gives perfect identification of the property on deal and the legal descriptions. This is done really for the safety of both parties. With the legal description of the property in the real estate sales contract, there will not be any confusion on the property.

2. Real estate sales contract will highlight the purchase offer containing the earnest money or the down payment. There will be clauses containing the mortgage loan details such as the lender name and the amount of loan.

3. The details of the schedules also will be available in the real estate sales contract. It will highlight all dates, including the approximate closing date. There can be some delay in the closing, which has to be taken care properly.

4. There can be a clause containing the appraisal of the property. Real estate sales contract will contain the conditions on home inspections. Home inspections are very important in the point of view of a buyer. Buyer has to finish the home inspection before the deed is settled. He has legal right for it.

5. Real estate sales contract will discuss about the hidden information like termite problems, damages to the home and many such items. The seller will be legally bound to address these problems.

The seller is not responsible for any damage in the property until the buyer proves that this was not disclosed to the buyer with a perfect knowledge of it before the real estate sales contract is signed.

6. Real estate sales contract can contain any items the buyer wants to add. Buyer can add items such as leaving the kitchen accessories or furniture or washer, mixer, oven etc.

7. The seller has all the right to reject the offer or accept as it is.

The negotiation process is the best tool to reach an agreement between the seller and the buyer. It is a fact that real estate sales contract has never been accepted at the first instant without any modifications. Usually it takes two three iterations before reaching a final real estate sales contract. Real estate sales contract is actually the real estate purchase agreement itself.
About the Author
Prue and her 1-of-a-kind site at http://www.realestatebloom.com (where else?)helps you to make money in ways you've never known. Discover how to be a millionaire making money via real estate investment within days, even in a down market!
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