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REAL ESTATE CONTRACT & TRANSACTION
Contract is signed when seller accepts buyer's offer and they put their mutual agreement in writing. Contract contains buyer and seller's name, purchase price, property description, consideration and signature. Real Estate Contract may contain contingencies that may allow buyers to terminate the contract if contingencies are not met. You may establish real estate contract through your real estate agent or attorney.
Real estate contract may contain inspection, title and financing contingencies for buyers to check within certain time frame before closing. Contract can be modified to benefit you and give you leverage depending on the clauses that are included. As a buyer, you want to be able to assign contract, have the right to extend closing date, choose your own escrow company to hold earnest money in order to get that money back in case contract is terminated. You also want to look into financing for the property if it is going to be assumed or newly financed and what clauses they include, if buyer can terminate the contract or renegotiate the price when any unknown repair comes up. You want the contract to be as flexible as possible for buyer. You should make contingencies to your favor as much as possible as a seller or a buyer. Seller may want to get as much as earnest money possible and keep it if the contract terminates. Seller may want short closing and inspection duration as possible.
If both parties agree, they can close on the deal. (Learn more)
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