Reviewing Contracts

Thursday, July 21, 2016 By Faisal Velani

Almost all real estate transactions begin with the signing of a real estate contract. This document is the most important document in the entire transaction. The contract sets forth the rights and obligations of the buyer and the seller. The contract clearly states the terms of which you are negotiating.

The essential terms are the identity of the buyer and seller, as well as the purchase price, closing date, the type of deed the seller must provide and what appliances and fixtures are included in the sale. The other terms include the rights of the buyer to perform inspections, the seller’s obligation to make repairs, the quality of title the seller must provide, as well as the many other terms that define how the transaction must proceed.

contracts

The purchase of a home is generally the most important and expensive purchase that you make in your lifetime. So your real estate contract will contain key and important provisions, terms and conditions to protect your interest. Read the contract fully and carefully. Make sure you understand what it says. (With that in mind, it makes sense to consider having an experienced real estate professional or attorney review the terms to make sure it is in good shape and protects your legal rights.)

Also, when investing, be sure to review all of the contracts for each different investing model. You always want to be sure you have the correct contract for the correct investment. They can become confusing, so keep a record on your end for safe keeping.

one page contract

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