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