A real estate contract allows a buyer, seller, lessor or lesse to gain access to or give away access to a home or property in a smooth and formal manner. It is a legally binding contract among the parties involved.
What is a Real Estate Contract?
A contract comes into enforcement only when it is signed by all parties named in the contract. This implies to real estate contracts as well irrespective of the type of real estate contract involved.
A real estate contract involves temporary or permanent ownership of land, house, commercial property, power of attorney etc. A real estate contract is agreeable to all parties and is a legally binding document.
A real estate contract should be easy to read with information listed out in sections in a simple manner, along with all relevant information and should leave no scope for confusion. It should have a date range wherein it is valid and expires thereafter.
What Are The Requirements for a Real Estate Contract to Be Enforceable?
A real estate contract or any contract should always contain original signatures of all parties involved along with the date, as well as stamps on all pages (not just one) where both parties are supposed to sign as per the prevailing law of the state.
Types of Real Estate Contract?
Real estate contracts can range from simple to very complex ones. However, there are broadly four types of real estate contracts:
- Purchase Agreement - document listing terms and conditions for sale of goods
- Contracts for Deed - agreement with seller that allows you to pay in installments instead of a lump sum amount
- Rent Agreements - contract between the owner and the renter to enjoy temporary possession of a property in exchange for a rent
- Power of Attorney Contracts - signing an authority form to allow another person to act legally and financially on one’s behalf.
Depending on your needs, you can choose from our legally sound real estate contract templates that allow for step by step filing with ample space to attach photos and supporting documents whether it is a sale, purchase, lease or sale deed.
When is a Real Estate Contract Used?
A real estate contract can and should be always used whenever a property changes ownership. This simplifies the real estate transaction process and prevents present and future conflicts among the parties involved.
Our real estate contract templates are equally useful for property move-in, move-outs and clear any confusion among the stakeholders like the buyer, seller, tenant or the middle man regarding financial issues, transfer of ownership and other aspects.
Closing a property deal can be a very difficult and long process. Due to the high investment involved, it is advisable for the property seller and buyer to use a proper legal and formal house contract template or rent contract for the transaction.
CocoSign has developed a whole range of professionally and legally drafted real estate contract templates for your property transaction needs. You can easily customize these templates to suit your requirements.
We offer a range of legally sound real estate contract templates for both home buyers and home sellers, that you can draft and customize hassle-free.
Try our sample real estate contract with one click download, easy to fill and sign simple real estate contract templates or real estate document templates now.
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