What do you put in a simple real estate contract?


Quick Answer

A real estate contract should include the address of the property, price of the property, terms of payment, seller assist, closing date and home inspection contingency. Additionally, the contract should also include the person paying the closing costs, fixtures and appliances.

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Full Answer

The amount of money that the property is being sold for should be highlighted in the contract. Additionally, the terms of payment should also be explained. For instance, are you paying for the house using mortgage, or you paying for it in cash? The contract should also contain information on the individual supposed to pay for the closing fees associated with the purchase of the house such as legal and agent fees.

The agreement should also include the home inspection clause. If the home inspector finds out that the house is in poor condition and that repairing it will cost you a lot of money, you are allowed to walk away from the deal. Above all, it is important to include the closing date into the contract when purchasing the house. The closing date gives the seller and the buyer the expected time frame in which the transaction should be completed. In case the set time elapses without the house being sold, the seller is free to look for other buyers.

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