Real Estate Purchase Contract / Property for Sale - Property Sale

Top Tips for Real Estate Purchase Contract Success Real Estate Property Sale

A real estate purchase contract is not only wise, it's required by law. Oral contracts for real estate property sales aren't enforceable. Any real estate properties for sale must be in writing according, to a law called the Statute of Frauds. Luckily, our agreement template is easy to fill out and affordable, allowing you to save time and money by doing it yourself. If you have property for sale or are looking to purchase property, here are some tips to help ensure a smooth transaction:

1. Use a professionally drafted sample contract designed for your state. You need to make sure all the important terms are included when dealing with a transaction of significant value. There are also federal and state disclosures, which vary by state, that apply to real estate for sale. This is especially important when dealing with residential property. Home sales often have state disclosure requirements and may require federal disclosures about lead or other hazards. Our top quality forms for sale of property are also available in state-specific, discounted packages that contain all the forms and disclosures you need for your state.

2. Conduct due diligence - This means at least checking out the credit worthiness of the buyer if you're the seller, and conducting property and title inspections if you're the buyer. If you are selling or buying a home for sale by owner, you can still use the services of a title company to do a title search and/or buy title insurance if you don't want to check the property records yourself. Whether commercial property or residential property in involved, it's crucial to have a professional inspection done and make sure there are no liens, pending foreclosures, or other claims on the property.

3. Know your options for how to buy property - For example, if you have a house for sale on the market for an extended time, a contract for deed may help sell your property faster by offering a rent to own type of sale. A buyer who may not qualify for a traditional mortgage loan can find a contract for deed a great way to enable him or her to buy a home. Commercial real estate may also use this type of seller financing.

Whatever type of realty you're looking to buy or sell, we have the forms that are trusted by real estate professionals. Free previews are available and they can be easily downloaded and completed in Word format from the convenience of your own computer.

Tips for Preparing Real Estate Purchase Contract / Property for Sale

  1. Find the right form. Choose the document sample meets the requirements of your state. US Legal Forms includes more than 85 thousand state-specific templates that you can download and complete. Additionally, the system gives you an helpful description of type of real estate contract and agreement to enable you to select the appropriate template.
  2. Point out parties and property. Begin entering the names of both sides. You don't need to repeat these names further in the document. It is enough to mention them once and replace them with the terms Purchaser and Owner. Identify the address and legal description of the estate in your Real Estate Purchase Contract / Property for Sale.
  3. State the terms and deadlines. The price doesn't appear out of the blue. Determine how much your estate is worth and choose how much you would like to get for it. Also, go through the amount of earnest money along with the time frame when you want to get the rest. It is important to set down-to-earth due dates in the sales contract.
  4. Sign to enforce Real Estate Purchase Contract / Property for Sale. You together with the other party need to sign the contract so it will be valid. Do it in person or use a legally-binding eSignature. But to close the deal in general, you should look for other property forms. Avoid spending time on seeking and choose a ready-made bundle of documents with US Legal Forms.