| |
| |
|
Real Estate Information |
|
|
Legal Information About the Real Estate Contract
The conclusion of final agreement between a seller and a buyer is the Agreement of Purchase and Sale. We know it as the real estate contract. There are five mandatory requirements for a contract under contract law: 1. The name, address and contact data for the seller(s) and buyer(s). 2. A clear description of the property. We prefer the tax map and parcel number but a street address, or other clear description will do. Such as "parcel known as Hudson Farm, being 456 acres more or less fronting on west side of US Route One and County Rd. 264, being about 9 miles north of Rehoboth in Sussex County Delaware. The final description on the deed at settlement will contain the Book and Page number where it was purchased, a survey description and tax map ID. For the contract any clear description that could ONLY be the property being sold is sufficient. This can be the Tax I.D. number. 3. The price and terms of payment. For instance: cash at settlement in thirty days from the date of this contract. Here should also be noted the deposit or consideration which may be as little as one dollar BUT is normally 10% of the purchase price. 4. The date of the contract. 5. Signatures of all sellers and buyers. Although the contract need not be written on the form provided by the Realtor, it is customary to do so. On larger properties a simple note is often written which include the above 5 items and says that a full contract will follow. Then, the short contract is followed by another formalized contract drawn up by the attorney for the buyer or the seller. That is then reviewed and usually changed to some degree by the attorneys for the other side of the transaction. On larger and more complicated properties the contract can go to dozens or even hundreds of pages. The five items here must be included but hundreds or thousands of other items may need to be included for some properties. Most contracts today, for residential homes, are written on the standard contract form authorized by the County Board of Realtors and provided by the purchaser's Realtor. The deposit money, or earnest money as it is sometimes called, is usually deposited in the escrow account of the selling Realtor. Until all of the items above are included and ratified by all parties there is not a contract but only a "contract in progress" or an "offer" as we call it. This can be an offer to sell or an offer to buy and there may be several counter offers going back and forth as negotiations continue. When everything is finalized the fully written and agreed upon document is said to be ratified. Even then the contract is not fully enforceable until it is conveyed, and received, in writing to all parties. THEN and only then can it be said to be a full and complete and enforcable contract. Copyright © 2001-2005 www.JodyHudson.com Source of this article is: http://www.kate-jody.com/essays/aboutrealestatecontract.html
MORE RESOURCES: This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Google News |
|
|
|
RELATED ARTICLES
Flipping Fixers: Using Transformation Psychology for Top Dollar Satisfying and lucrative real estate investment depends upon your correct assessment of profit potential, of course, but your ultimate success depends on your ability to transform a fixer into a dollhouse. The renovation process involves physical work and choosing the best supplies, in order to create maximum positive emotional effect and profits. Do Bankers, Bubble, Discounters, & Justice Department Cloud Real Estate Industry? Once relegated to the classified advertising section of the local paper, real estate has jumped to front-page headlines and covers of national magazines. Leaders in the real estate industry are weary from interview requests for their perspectives on market conditions, the ongoing battle with the banking industry looking for entry into residential real estate brokerage, online brokerage commission discounters and investigations into their business practices from the U. Chapter One FSBO the Russ Miles thriller/mystery novel Chapter OneShe reached the phone on its second ring. "This is Tami!" She confidently answered. Real Estate Season is Here Yes, it has finally arrived. This is the time of year when the MLS or Multiple Listing Services go up like crazy in all most every city, town and village. Law & Logic of Homeowner Association Capital Reserves In October 1999, Oregon was one of the first states that enacted a significant improvement to its Condominium and Planned Community regarding capital reserve planning, a process by which homeowner associations plan and fund future repairs and replacements. For many associations, the process became mandatory although there was an "escape clause" for pre-October 99 Oregon communities. Buying Property In Spain It's high time someone advocated the use of common sense and suggested that those people looking for that dream home in Spain actually apply a cautious approach to buying!After all, real estate is such a significant purchase for most people that you'd think people would be only too ready to think twice and long and hard before committing to purchase - especially when buying abroad where the rules and customs differ greatly to what we may be used to.But it seems that so many people are seduced by the sunshine in Spain and by aggressive and slick agents and developers that they are willing to purchase unseen, to buy off-plan or even remotely via the internet and to basically purchase without the slightest clue about just what it is they're getting for their money. Getting Started in Real Estate Foreclosure Investing Decide to Invest in Real Estate Foreclosure InvestingWith the increase in Real Estate property appreciation rates across America, a prospective foreclosure buyer may want to fix up a property to improve its value to live in, to rent out or to resell. The strategy a buyer pursues will determine which foreclosure property to buy and the location. How to Become a Successful Real Estate Investor Many folks dream of becoming real estate investors, but not everyone has what it takes. If you're dreaming of becoming an investor, here are several important questions to consider, long before you buy your first investment property:1) Why would a homeowner sell a house at a bargain price?Many things happen in people's lives that make their home suddenly become a burden. Russ Whitney and Real Estate Investing Gurus There is curently a huge real Estate boom in America today. Little does the world know that this boom has some to do with all of the real estate guru's out there. Virtual Agent? Online Real Estate When preparing to sell a house, you should always consider the options of selling a home privately or listing with a real estate agent. Of course, the most cost effective option would be to sell your home privately, but what about the number of Home Buyers in the market who are not willing to consider a private sale listing?I am a firm believer that people should be able to sell a home privately but, like a lot of people, was not the kind of person who would be comfortable buying from a Private Home Seller. Selling Your Own Home: 10 More Tips Selling your own home can be a time-consuming and frustrating process. Sometimes, though, in the right market, it makes sense to save thousands of dollars in commission and do it yourself. Real Estate Bubble: Sophisticated Musical Chairs? The real estate bubble is a hot topic today; annual appreciation and housing prices have never been higher in most U.S. Why Invest In Property? Why property, some people ask when looking for an investment. Well, as far as I am concerned, property investment is, and always has been, the most powerful type of investment for building wealth. Lease Purchasing Is The Perfect Home-Based Business Some call it the 30 second commute. We call it wonderful. Building Your Dream Home - Part 1 For most of my adult life I had thought about someday building my Dream Home. Several years ago I finally got the chance. Using The Internet In Your Lease Purchase Business First you need to find a list of For Sale By Owner Sites. You do this by going to one of the major search engines. How To Realistically Get Started As A Real Estate Investor When it comes to real estate investing, most beginners find themselves with plenty of desire, a little bit of knowledge (from books, seminars, online message boards or something like that) and in most cases they have little or no money to get started with. Does this sound like you? If so you are not alone. RESPA: The Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. One of its purposes is to help consumers become better shoppers for settlement services. Canal Front Homes in Venice A bit about VeniceVenice, Florida was named by an early explorer who thought the beautiful, clean canals that snake through the coastal community starkly resembled the canals of the historic city of Venice, Italy. In the 2000 census, Venice, Florida had a population of 17,764 people and that number has continued to increase over the last five years. Do You Speak Real Estate? Anyone interested in real estate should be able to talk the talk. Here is a list of common phrases and words with ashort explanation.
|
| home | site map |
| © 2006 TIGER MEDIA |