What is a Real Estate Purchase Contract?
When you buy a home, it all starts with a real estate purchase contract.
But what is this document, and what does it include?
What is a Real Estate Purchase Contract?
A real estate purchase contract is a legally binding, bilateral agreement between two or more parties. If you sign one, you’re saying that you have the legal capacity to make the purchase, exchange, or conveyance of “real property.” The term real property in this sense refers to land, a home, and buildings or other fixtures that you intend to buy.
What’s in a Real Estate Purchase Contract?
Your real estate purchase contract should contain:
- Identification of everyone involved in the transaction
- A description of the property
- The agreed-upon purchase price
- Details, rights, and obligations of the contract
- Contingencies (conditions) that must be met before you can execute the contract
- A description of the property’s condition
- A list of what’s included with the property—and what’s not
- How much money you’ll put down as a deposit
- Who pays closing costs
- How much the closing costs will be
- A projected closing date
- Each party’s signature
Are You Buying a Home in Port Aransas?
If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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