Writen by Kate Ray
The real estate sales agreement is the most important document in a real estate property sale. This is the legal document that stipulates all the terms and conditions of the transaction. It is a legally binding contract that states the responsibilities and obligations as well as the rights of both the buyer and seller. A real estate sales agreement shall be void and unenforceable unless it is in writing and signed by both parties.
A real estate sales agreement contains details on the following:
*Parties involved - also known as the buyer and seller
* Description of the property
* Condition of the property based on the property disclosure form
* Conveyance of the property
* Purchase price which the buyer agrees to buy and the seller agrees to sell; amount of deposit; terms; transfer and recording charges; taxes
* Permanently attached fixtures
* Settlement date
* Restrictions
* Buyer's duties and responsibilities
* Seller's duties and responsibilities
* Default
*Inclusions and exclusions
* Restrictions, easements and limitations
* Attorney's fees
* Termite inspection, radon gas disclosure
Like every legal document, it is strongly advised that both the buyer and seller seek legal advice from an attorney who is knowledgeable in real estate law. Before signing any document you must first understand the contract completely. The lawyer can advise you if there are any problems in the contract, or if certain details were not included in the document. Discrepancies such as these could cause delays and may lead to extra expenses.
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