Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
Legal Information About the Real Estate Contract > NetSparsh - Viral Content you Love & Share

Legal Information About the Real Estate Contract

The conclusion of final agreement between a seller and a buyer is the Agreement of Purchase and Sale. We know it as the real estate contract.

There are five mandatory requirements for a contract under contract law:

1. The name, address and contact data for the seller(s) and buyer(s).

2. A clear description of the property. We prefer the tax map and parcel number but a street address, or other clear description will do. Such as "parcel known as Hudson Farm, being 456 acres more or less fronting on west side of US Route One and County Rd. 264, being about 9 miles north of Rehoboth in Sussex County Delaware. The final description on the deed at settlement will contain the Book and Page number where it was purchased, a survey description and tax map ID. For the contract any clear description that could ONLY be the property being sold is sufficient. This can be the Tax I.D. number.

3. The price and terms of payment. For instance: cash at settlement in thirty days from the date of this contract. Here should also be noted the deposit or consideration which may be as little as one dollar BUT is normally 10% of the purchase price.

4. The date of the contract.

5. Signatures of all sellers and buyers.

Although the contract need not be written on the form provided by the Realtor, it is customary to do so. On larger properties a simple note is often written which include the above 5 items and says that a full contract will follow. Then, the short contract is followed by another formalized contract drawn up by the attorney for the buyer or the seller. That is then reviewed and usually changed to some degree by the attorneys for the other side of the transaction.

On larger and more complicated properties the contract can go to dozens or even hundreds of pages. The five items here must be included but hundreds or thousands of other items may need to be included for some properties.

Most contracts today, for residential homes, are written on the standard contract form authorized by the County Board of Realtors and provided by the purchaser's Realtor. The deposit money, or earnest money as it is sometimes called, is usually deposited in the escrow account of the selling Realtor.

Until all of the items above are included and ratified by all parties there is not a contract but only a "contract in progress" or an "offer" as we call it. This can be an offer to sell or an offer to buy and there may be several counter offers going back and forth as negotiations continue.

When everything is finalized the fully written and agreed upon document is said to be ratified. Even then the contract is not fully enforceable until it is conveyed, and received, in writing to all parties. THEN and only then can it be said to be a full and complete and enforcable contract.

Copyright © 2001-2005 www.JodyHudson.com

Source of this article is: http://www.kate-jody.com/essays/ aboutrealestatecontract.html

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Forbes

These Real Estate Markets Are Currently Experiencing A Home Price Boom- How Long Will It Last?
Forbes
There were good reasons for the slide, most prominently that prices had previously been boosted by five million home buyers entering the real estate market for the first time, armed with sub-prime mortgages. When those loans soured, foreclosures ...


Forbes

Can Technology And Apps Ever Fully Replace The Real Estate Broker?
Forbes
Considering that a real estate purchase is often part of a multistage process, we have to try to understand if each stage can be served and managed by a technology solution, without a broker involved. Let's explore the typical stages of a consumer real ...
What does a real estate agent do to sell your home?The Mortgage Reports (blog)

all 3 news articles »

Forbes

How Can Commercial Real Estate Investors Protect Their Property ...
Forbes
What does The Digital Revolution mean for the future of commercial property investing?

and more »

Nasdaq

Why I Don't Invest Directly In Real Estate | Seeking Alpha
Seeking Alpha
I am a former private equity real estate investor who has turned his back on real estate. Why? Because I believe that REITs are most often the better choice for.
Market Chatter: Washington Real Estate Investment Trust Looks to Sell Retail Portfolio for $800 MlnNasdaq
Future Outlook Of The Real Estate Industry And Central China Real Estate Limited (HKG:832)Simply Wall St

all 79 news articles »

Billy Penn

Who's Next Real Estate and Housing: 18 young stars helping build Philadelphia
Billy Penn
And who's thinking about the future? In this installment of Billy Penn's Who's Next series, which has spotlighted more than 500 up-and-coming leaders in various industries over the past three years, we're highlighting Philadelphia's most dynamic real ...


CNBC

Why millennials are flocking to Rust Belt real estate - CNBC.com
CNBC
Younger buyers are investing in homes in such states as Ohio, Michigan and Wisconsin, experts say, in search of more affordable living and new places to plant ...

and more »

Dallas News (blog)

Why North Texas real estate agents aren't blaming Trump's tax cuts for housing slowdown
Dallas News (blog)
The $1.5 trillion tax revamp, while broadly cutting taxes, had sparked serious concern from the real estate sector that it would depress home prices. That's because the reboot expanded the standard deduction, while curtailing breaks for mortgage ...


Naples Daily News

Southwest Florida real estate briefs
Naples Daily News
William Raveis Real Estate (WRRE), the top family owned real estate company spanning the Northeast and Florida and recent global luxury award recipient, is pleased to announce it has partnered with The Fite Group Luxury Homes, the market-leading ...
William Raveis Real Estate Expands Luxury Network With New PartnershipRisMedia.com (press release)

all 2 news articles »

Thehour.com

What are Millennials most concerned about in real estate? - The Hour
Thehour.com
It is easy to stereotype millennial home buyers. However, millennials are just like any other home buyers, with one main difference: They are web savvy.

and more »

Law.com

2018 Commercial Real Estate Special Report
Law.com
South Florida commercial real estate sales bounced back from a low during the Great Recession in 2009, and markets are still adjusting. Alternative lenders have made headway in a field once dominated by banks, and the multifamily market is ...

Google News

Branded Email in the Real Estate Industry

Branded Email in the Real Estate IndustryYou're in the real... Read More

Panama is Hot - A World Class Retirement Haven Thats Ripe For Profitable Real Estate Investment

If you've followed any of the major survey agencies around... Read More

Investing In Real Estate Investors

With the never-ending changes in our Real Estate Markets real... Read More

Buying A Home ? What Is That Noise!?!

You've found the perfect home, closed escrow and just finished... Read More

Safe, Scenic & Secure Sussex County Delaware

As I write this, there is a considerable concern about... Read More

If You Move Yourself

You'll want to take some items in your own car... Read More

Prepare Your Rental Property for Occupancy

Among your many responsibilities as a landlord, the law provides... Read More

Tenants in Common (TIC)

Tenants in Common is a way of sharing ownership of... Read More

The Most Sensible Investment Decision Youll Ever Make

So much advice is bandied about on the internet and... Read More

Walnut Creek Real Estate

Looking to relocate to a Californian suburb with a low... Read More

Water, Water Everywhere on the Waterfront

Waterfront living is among the most desirable of locations in... Read More

Understanding Real Estate Terminology

Purchasing a home can be a complicated and confusing process,... Read More

Why Property Investors can Crash and Burn

Many experts say you can't lose if you put your... Read More

Juggling The Day With A Deal

Doing deals with sellers is why you went into lease... Read More

How Home Buyer Rebates Work

In today's tight housing market, many buyers are looking for... Read More

Many Ways To Make Money In Real Estate!

Real Estate is a multi-faceted investment arena - there are... Read More

The Listing Contract: Its All in the Details

Now that you've chosen a real estate professional to sell... Read More

Property Investing Secrets 9

Property Investing: Here Are Two Important Tactics You Must Do... Read More

How Do I Bring Consulting Into My Lease Purchase Business

As you are making your cold calls on property, you... Read More

Maltas Market Battle

With new destinations such as Bulgaria, Slovenia and Croatia offering... Read More

Practical Advice for Finding Irish Castles for Sale

Have you ever wondered what it would be like to... Read More

The 5 Biggest Mistakes Made When Getting A Business Appraised

Most business owners will, at some point, want or need... Read More

Real Estate Bubble: Fact or Fiction?

The real estate market buzz across the country these days... Read More

Do I Need A Real Estate Survey?

Getting a survey before you close on any real estate... Read More

How Do I Fix Up a Home to Sell?

The first thing you need to do is stop thinking... Read More