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The Parts Of Residential Real Estate Contracts

One of the most important parts of any person's life is buying or selling a piece of property. Real estate usually symbolizes all of the years of hard work that a person has dedicated into the ownership of a home. Because homes have such a significant value, it is essential to make sure that real estate contracts are drafted in a thorough manner and contain all of the necessary clauses and conditions. The U.S. Department of Housing and Urban Development also provides information that can help you understand the state regulations affecting the purchase or sale of your home. You may be required to list defective conditions of a home in the purchasing agreement depending upon the state in which you live.

Important Parts Of Residential Real Estate Contracts

It is always important for you to make sure that a real estate contract contains certain parts. One part that must be clearly stated in a real estate contract is the parties to the contract. It is important for your lawyer to clearly articulate all of the parties who are involved in the buying and selling of a home. Another part of a real estate contract that is important is the "goods included" section. Your lawyer should clearly state all of the goods that are included with the purchase of a home, such as furniture, ceiling fixtures and any other antiques that may be included in the purchase. The "possession date" section should state the date upon with the buyer may take physical possession of the home. Here are some of the other important parts of residential real estate contracts that should be included:

  • Additional terms of the contract.
  • The exact payment amount for the home.
  • Listing of any outstanding liens on the home.

Speak With A Real Estate Lawyer

Working with a real estate lawyer will ensure that you have a clearly written contract for the purchase or sale of a home. Creating a clear contract will ensure that you do not have to litigate a dispute over the purchasing price or goods included with the home in the future.