Real Estate Sale Agreement and Its Importance
When you decide to buy or sell a property, make sure that there is real estate sale agreement involved. The written agreement would specify both of the parties’ obligations and responsibilities. The agreement can also be used to sell a property at a closing date in the future – under several certain terms.
When to Use the Agreement
So, when should you use the real estate sale agreement?
- If you own a property and you are ready to sell it. There is an interested buyer and you want to outline and define the sale process till the closing date
- You are a buyer who wants to buy a property. You want to have a formal agreement (with the owner/seller) concerning the sale terms.
The Crucial Elements
So, what are the crucial elements included in the agreement?
- Names of the involved parties. This is a mandatory thing, even if one of them is corporate entity or LLC.
- The involved dates. It includes when the extended offer happens, the expiry date, when it takes place, and such thing alike
- The property legal description. It will describe the property within the land parcels terms – not just the address
- The offering price. How much is it offered?
- Other crucial aspects regarding the process, such as escrow, warranties, inspections, title requirements, and such thing alike.
The General Users
You should remember that everyone is free to use the agreement although the most common people would attorneys and real estate agents, especially within states where attorney presence is needed during the transactions. The written contract is often used during the home buying process. Mind you, though, that this agreement is exclusively used in the transactions involving homes that are already constructed. Despite the name containing real estate, it isn’t used for transactions involving undeveloped land parcels.
How to Use the Agreement
Not everyone has the legal knowledge to compose the agreement. If you are one of them, the best thing to do is to go to reputable websites offering many different templates based on the function and use. When you can make some changes to the document, you can download it. There are many websites that are offering the service to change the contents in the document and then you can download it once it is set. Afterwards, you can take it to a real estate attorney and have them check it. If it is okay, then you can have it validated or legalized.
If you are wondering about the contents, you can always check our library and collections. You can find examples of the real estate sale agreement below.