Real Estate Agreement of Sale Different Types
Property plays a crucial role in our lives so knowing the facts about Real Estate Agreement of Sale can be helpful. Most people believe that all real estate contracts are the same, but in reality, they are different. It depends on the types of deals – whether it is about an acceptance, an offer, a legality of purpose, a legal capacity, or a consideration. So, what should you learn about the agreement?
A Purchase Agreement
This is the most popular and common real estate agreement type. It usually specified the details of a sale so it includes the price, the address, the names of both the involved parties, the closing date, and also signatures. The agreement itself is divided into several types:
- The property specific purchase agreement that can be used for a mobile home or a vacant lot or land
- The association or state purchase agreement. This is the standard form between the seller and the buyer with a (real estate) agent involved
- The general purchase agreement. This is the shortened version of the association purchase agreement. This is used when there is no real estate agent involved.
Other Types of Agreement
The Purchase Agreement isn’t the only agreement with different variations of types. There are still more, like:
- Real Estate Assignment Contract. This type of Real Estate Agreement of Sale is generally used for wholesale investment purchase. The common use is the distressed properties that have been secured and assigned to another interested buyer. The term ‘assign’ is to differentiate the agreement as the assignment contract
- Lease Agreement. As you may have guessed, this is the agreement between a landlord and a tenant. The agreement specifies the details about the monthly rate, the obligations and responsibilities of each party, and such thing alike.
- Power of Attorney. This is an agreement that may not be generally used in the real estate deal, but the document can be used within the situation. This type of agreement can be handy when one party is not able to sign the written document (if the person is mentally disabled or if the person isn’t present physically). The absent party is able to hire another party (as the power of attorney) on the person’s behalf.
Managing such a document can be tricky and confusing – especially if you aren’t familiar with the basic construction. We can help you with it. You can check our samples and templates of Real Estate Agreement of Sale so you can use it for your needs.