Real estate contracts are created to focus on the legally binding aspects of the real estate transaction. The good news is real estate contracts come pre-printed for your use.
Real Estate Contracts
Many people are confused by real estate forms versus real estate contracts. The term real estate forms cover a wide variety of things including real estate contracts. In addition to contracts, however, forms also include everything from escrow instructions to walk through checklists.
Real estate contracts also cover more than the basic funds and title transfer. The contract should include representations from the seller that they are transferring "good title" to the property, to wit, they actually own the property and no outstanding debts are recorded against it such as lawsuits. Other conditions that can arise include things such the transaction being conditioned upon the buyer obtaining financing, the completion of a home inspection, certain assets being left with the property such as furniture and the deposit of an earnest money deposit by the buyer to show he or she is serious.
As you know, owning real estate is part of the American Dream. One characteristic of this dream is the fact that people have been buying and selling real estate for hundreds of years. Given this history, it is not particularly surprising that real estate contracts have evolved into pre-printed forms. In fact, these are the very forms being used by real estate agents!
In most situations, you can go ahead and use pre-printed real estate contracts without any problem. If there is something out of the norm with what you are buying or selling, however, you may want to use a real estate lawyer to handle the transaction. Obviously, that is going to cost a bit more!
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