One of the most important documents a home seller and a home buyer will be encountering is the Real Estate Sales Agreement. This document formalizes all that the two parties have agreed upon in the formal offer to purchase which the buyer has penned and presented to the home seller.

A Real Estate Sales Agreement is a straight-forward legal document which details all the pertinent information of both parties. The first part of the document should indicate the full names, gender, marital status and address of both the vendor and the vendee.

This is followed by a full description of the property. The complete address, dimensions, and area (as is written in the land title) should be specified. At times, a listing of the entire chattel (appliances, carpets and draperies, lighting fixtures) that goes with the property or even those not included in the sale is listed down.

Being a sales agreement, it is imperative that the agreed upon purchase price be stated in the document. Normally the contract price is written as words and as alpha numeric figures; and kind of deed the purchaser will receive (whether quit claim or warranty) in exchange for the money is specified. The payment method (cash, check, through mortgage) should also be indicated in the real estate contract, as well as the date the sale is expected to be finalized and where the final transactions are to take place should also be included.

Should the transaction involve any additional costs, clauses and provisions, these should be enumerated after the payment method has been discussed.

Finally, the signatures of the two parties (or their respective representatives) should be affixed at the end of the contract. To further bolster the legality of the agreement, the document should be signed in front of at least two witnesses, dated and notarized.

Although you can prepare your own sales agreement or download one from the internet, it may be to your best interests to have a real estate attorney look over the documents. This way, you are sure that all the necessary details will be included and nothing significant would be left out.

More References

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