Selling a home can be quite an arduous activity. Renovating and advertising are just some of the many tasks you have to complete. Working on all of them could make you forget one important aspect of selling your home, and that’s the legal stuff. Without the right contract, even the best home deals could go bust.
What’s Inside a Real Estate Form or Contract
Selling your home is a legal transaction and must therefore be supported by the right contracts. Such documents vary from case to case basis, but they generally include the conditions below.
Price and Payment Method
Things often get confusing whenever money’s involved so it’s best to have all financial matters stated clearly in your contract. Price breakdown and overall amount of how much you’re selling your home for as well as the payment method you’ve agreed to should definitely be in your real estate contract.
Object of the Sale
What exactly do you owe the buyer? Is the house and lot only for sale or are furniture and fixtures included? Have you sworn to pay for renovations and closing fees? Who’s going to pay for resulting taxes?
Dates to Remember
Contracts aren’t just about who, what, and how much. It must also include time details, especially pertaining to dates when one pays and the other receives money. Important dates include date of possession, adjustment, and completion. Penalties for not meeting these deadlines should also be included in your contract.
Contracts with Listing Agencies
If you are going to hire a real estate agent to help sell your home, you’ll need another contract between the two of you. With it, you’ll have to decide how much to pay the agency in terms of commission, what kind of selling rights you’ll award to the agency, and so forth.
Double-Check
Be sure to read the fine print and while you’re at it, have your lawyer review the contract before signing on the dotted line.
image credits to are you my rik?
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