| "Whether you want to sell a property, buy | | | | it. In most cases, the contracts will state |
| real estate, get a home loan, invest in real | | | | the details of the closing, what is and is |
| estate, or rent, you will need a contract. In | | | | not included in the sale of the property, any |
| fact, in real estate nothing is actually | | | | warranties that are included with the |
| accomplished until a contract is signed. You | | | | property, when the buyers will take |
| may have agreed to rent a home at a specific | | | | possession of the house, how long sellers |
| price or you may have agreed to buy a | | | | have to respond to the offer, and provisions |
| property on certain terms, but those verbal | | | | about disputes. Generally, contracts will |
| agreements mean very little without a signed | | | | also specify whose insurance covers the |
| contract. In fact, a good rule of thumb in | | | | property until the closing dates and will |
| real estate is nothing is certain until it is | | | | outline any disclosures about the property. |
| in writing. | | | | |
| | | | Most real estate contracts have certain |
| Most real estate contracts contain a legal | | | | contingency provisions. For example, most |
| description of the property in question and | | | | will state that a home inspection is to be |
| the street address. Most contain information | | | | done within a specific number of days. Many |
| about the selling price and any mortgage | | | | contracts will state that septic tanks and |
| contingency. This means that most real estate | | | | wells must be tested and pass. Many contracts |
| contracts are subject to the seller obtaining | | | | also state that termite and pest inspection |
| a mortgage and contain the specifics amount, | | | | must be carried out and specify who will pay |
| rate and terms of the loan. Most contracts | | | | for any pest damage. It is important to pay |
| state that the loan application must be made | | | | attention to any such contingencies in a real |
| within a specific number of days. Most | | | | estate contract since they can make or break |
| contracts also state how much money is being | | | | a contract. These clauses protect both the |
| handed over for a deposit and who will hold | | | | buyer and the seller from disputes. |