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