Real estate is a tough industry with many nuances to iron out before moving in. Hiring an agent, choosing a dream house, financing, and making an offer may be time-consuming and complex. When you make a formal offer to buy the home you want, you’ll have to read and fill out a lot of paperwork. Here are several nuanced topics to include in your real estate purchase contract besides the address and price. Your real estate contract has contingencies. Finding the perfect buyer and home is exciting. Before you hand over the keys, you’ll need to prepare a purchase agreement that defines the buyer and seller’s stipulations.

7+ Home Sale Contract Samples

Before trading a residence, a buyer and seller must finalize a real estate contract outlining the terms and circumstances. Real estate contracts outline the terms of the sale of a house, townhouse, or condo. Real estate contracts are often called real estate purchase agreements or home buying agreements. Homebuyer, present property owner (or seller), and purchasers’ and sellers’ real estate brokers or agents are engaged in a real estate sales contract. The parties may alter or amend an initial contract to include additional information or counteroffers. Once the seller accepts the buyer’s offer, the residence is “under contract.”

1. Home Sale Contract Template

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2. Manufactured Home Purchase and Sale Contract

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3. New Home Short Sale Contract

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4. Home Offer Purchase Contract of Sale

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5. Real Estate Home Purchase and Sale Contract

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6. Home Inspection Residential Sales Contract

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7. New Home Sales Price Contract

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8. Real Estate Home Owner Sale Contract

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What Does a Real Estate Contract Include?

A real estate sales contract must outline the numerous facets of a new house acquisition. Both buyer and seller are protected by these agreements. The real estate contract includes:

  • A real estate sales contract must mention the property’s address. It should provide a full description of the property, including any easements or encumbrances.
  • A real estate sales contract should include buyer and seller names, addresses, and contact information. Multiple buyers should indicate whether they’re tenants in common or joint renters. Parties can sign the contract to make it legally binding.
  • After offers, counteroffers, and negotiations, a real estate sales contract will state the property’s ultimate purchase price. It will also include buyer financial details, such as whether they’ll pay cash or with a down payment and mortgage. The contract will also stipulate whether the buyer would put down an earnest money deposit. This deposit will be held in escrow until the sale is finalized. If the buyer backs out for any reason not listed in the sales agreement (like a sales contingency), they may lose the earnest money.
  • Date of closure and closing costs: A real estate contract lists the property’s closing date, when the buyer takes ownership. The contract states who pays closing costs.
  • The sales contract will list the buyer’s property taxes. If property tax information isn’t accessible upon closing the contract, parties can submit an addendum.
  • Non-included: A real estate sales contract lists non-saleable appliances and fixtures. Light and bathroom fixtures, built-in appliances, heaters, and HVAC systems are examples. The contract will list certain items as non-saleable.
  • A real estate contract describes any contingencies the buyer or seller must meet before closing. Before signing, buyer and seller should agree on these contingencies. Common contingencies include a property inspection contingency, a title insurance contingency, and a financing contingency (when the sale is contingent on the homebuyer securing financing).
  • Disclosures: The seller must disclose certain property details that may affect the new owner’s use. Well sites, lead paint, termite damage, subterranean sewage, and methamphetamine production history are included.
  • FAQs

    What are some of the financing terms when creating a home sale contract?

    You’re probably not financially stable enough to make an all-cash offer on a home. You’ll need a mortgage. Before making a buying offer, examine the interest rate environment and your debt and credit score. Your buying offer should be reliant on a certain interest rate. This is essential because: If you can’t afford the monthly payment at 6%, don’t offer 6.5 or more. If you do so and can only receive 6.5% financing, the seller keeps your earnest money deposit if you back out. Specify in your contract whether you require an FHA or VA loan to close the deal. Sellers will be more interested in your offer if you’re paying cash. Why? If you don’t need a mortgage, the deal and closing are more likely to go through.

    Who pays the specific closing costs?

    The agreement should state who pays for escrow, title search, title insurance, notary, recording, transfer tax, etc. Who pays these fees in your area might be determined by your real estate agent.

    What to do when you are selling an existing home?

    If you require the sale of your current house to buy a new one, make your buying offer contingent on its sale. You should give yourself 30 or 60 days to sell your old home. The seller of the home you want won’t take it off the market while you look for a buyer. Many other items go into a real estate contract, but you shouldn’t worry about them. Real estate brokers often use fill-in-the-blank forms.

    In spite of the fact that these forms are widespread and standardized, and a savvy real estate agent wouldn’t permit you to leave anything out of your contract, it is still a great thing for you to enlighten yourself on the primary aspects of a real estate purchase agreement. It is never simple to uproot oneself, particularly if they are emotionally invested in their residence, but there are occasions when it is unavoidable. You are free to walk away from the transaction and keep the money if any of the terms of the contract are not satisfied. One of the most important and lucrative aspects of your real estate portfolio is the conditional contract.

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