Basic Real Estate Agreement Template
What is an agreement for sale of real estate? How do I prepare a real estate agreement letter? See below for a free downloadable Basic Real Estate Agreement.
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A real estate purchase agreement is a legal contract/agreement that establishes a binding agreement between the buyer and the seller for the purchase and sale of a property. A real estate purchase agreement is used to protect the buyer, as well as the seller. It is important to have a real estate purchase agreement prepare for every sale of a property.
How do I prepare a basic real estate agreement letter?
A real estate purchase agreement contract is meant to facilitate the transfer of ownership of a property from one party to another. It is important to have a written agreement to all the terms and conditions of both parties. While the specifics of purchase contracts may vary by states in general each agreement must contains similar information. Below are some things that must be in a Real Estate Agreement:
- Identity of the parties: The real estate sales contract must identify all parties involved, listing out the full legal names of both the buyer and seller. If the buyer and seller are being represented by real estate agents, the real estate agent must be listed as well, along with the real estate broker of record and their contact information. The information for the lender and title company or escrow agent should also be listed.
- Property details: It is important to then list detail information about the property. These details can include a legal description of the property, as well as information regarding the condition of the property.
- Details, rights, and obligations of the contract: When signing a real estate purchase contract, you are agreeing to accept that you have certain rights and you will fulfill it with certain responsibilities. These responsibilities include an acknowledgement that you intend to move forward in good faith and in a timely manner. You will also usually be informed you have the right to seek guidance from a real estate attorney.
- Purchase price and financing details: The contract will contain the buyer's proposed purchase price and relevant details on how the buyer intends to handle financing the purchase of the property. It should also include details about the buyer's earnest money deposit.
- Closing and possession dates: The contract should contain information about the closing and possession date. The closing date does not always have to be the same as the possession date. For example, in some cases, the seller will rent the home back from the buyer for a set period and the buyer will take possession of the home at a later date.
- Items included in the sale: The contract will also include a subsection that talks about any personal property included in the sale. Usually, this will include items such as the kitchen appliances and the washer and dryer. However, it's technically possible for the buyer and seller to negotiate for any piece of personal property to be left behind.
- Contingencies: In real estate, a contingency clause specifies a particular event that must occur for the transaction to keep moving forward however if the contingencies in the contract cannot be satisfied, the buyer has the option of walking away from the sale without sustaining any monetary damages. By that, we mean they don't have to give up their money deposit if they decide to pull out from the real estate deal because a contingency was left unsatisfied.
- Closing costs: The contract will include relevant information about closing costs. It will specify which closing costs are part of the transaction, as well as who is responsible for paying them.
- Any addendums: Lastly, once the offer has been accepted, the agreement will also include any needed addendums. An addendum is a form used to make any necessary changes to the original real estate contract.
We have made it easy for you with our free downloadable sample Real Estate Agreement Template. Download this Real Estate Agreement Template for sale and purchase of real estate that will perfectly suit your needs!
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