A Contract for Sale of Real Estate is a legally binding agreement between a buyer and seller of a piece of real estate. It outlines the terms of the sale, including the sale price, closing date, payment methods, responsibilities of the parties involved, and other conditions of the sale. The contract is generally signed by the buyer and seller and is legally enforceable. There are two main types of Contract for Sale of Real Estate: a Purchase Agreement and a Land Contract. A Purchase Agreement outlines the conditions of the sale, including the purchase price, closing costs, title insurance, and any financing terms. A Land Contract is a contract for the sale of the real estate without the buyer obtaining a loan. It outlines the conditions of the sale, including the purchase price, down payment, payment schedule, title insurance, and other terms. Both types of contracts must be in writing and signed by both parties.
Contract for Sale of Real Estate
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