The purchase of real estate properties is a booming business. Many people who purchase, rent out, or lease properties require several different contracts. The basic concept of a contract is to protect two parties who go into an agreement. It is a legally enforceable document that has legal implications if one party breaks the contract.
A contract between two parties contain the terms and conditions, legal clauses, payment terms, etc. If you are looking for property contracts, the templates that you can download on this page will serve as a guide in formatting your contract. This will be very useful especially if you need to write your own contract.
Property Management Contract Template
Property Rental Contract
Property Purchase Contract
What Is a Contract in Real Estate?
A real estate contract, as defined by the dictionary, “is a contract between two parties for the purchase and sale, exchange, or other conveyance of real estate.” Just like any contract, a real estate contract is a legally binding contract that is enforceable by law should a party violate it. Before a purchase of any real estate property, a contract is required by law. A real estate contract protects both the seller and the buyer of the real estate property. If a particular property is under contract, a seller is not allowed to enter into another contract with another buyer.
What Is a Contract for Deed?
A contract for deed, which is also called an installment land contract, is a type of property contract wherein a buyer agrees to pay the seller of the property in an installment basis. In a contract for deed, the seller keeps the title of the property until the buyer is able to pay the full amount of the property. If a buyer fails to pay the seller the agreed amount, the seller can reacquire the property. A Sales Contract Agreement is made when a buyer comes into an agreement to buy the property. A Lease Contract, on the other hand, is useful if an individual wants to rent out a property.
Sample Property Contract
Property Maintenance Contract
Property Sale Contract
Commercial Property Contract
Advantages of a Property Contract
- Credit – One of the main advantages of a property contract is that it does not depend on credit to determine who gets the property. Even if a buyer has a poor credit score, he or she can still purchase the property. The sale of a particular property fully depends on the seller on who he/she wants to sell the property to.
- Obligations – A real estate contract contains the terms and conditions of the sale. It highlights the obligations of both the seller and the buyer. The buyer is obligated to pay for the property at the agreed time and date. The seller also has to provide all the necessary information to the buyer regarding the property.
- Transaction – A property contract also serves as the record of the transaction. It is also beneficial to ensure the completion of the property transaction.
- Protection – A property contract also protects both parties. If a buyer fails to pay or if he or she fails to pay on time, a seller can take legal action.
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