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A purchase contract is a document that lists important and required information about the sale of real estate. Although purchase contracts for real estate have certain legal requirements in each state, at the very least it lists the name of the buyer (and sometimes the name of the spouse or a designation of 'single' if the buyer isn't married), the name of the seller (and sometimes the name of the spouse, if married), a legal description of the property, and the amount of the purchase. A purchase contract should be dated, signed, and often notarized.
A purchase contract is a written document that is used to explain the terms and conditions related to the sale of real estate. Each state has its own legal requirements regarding the clauses and wording of a purchase contract. Make sure that your purchase contract complies with your state laws.
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Alternate Names:
A purchase contract may be a legally binding contract between two main parties: the seller and the buyer of a specified piece of real estate. Purchase contracts must have specific elements. Those elements vary depending on the state since the documents must conform with state law. However, purchase contracts do contain some common elements regardless of state. It must include the information of both the buyer and the seller, whether they have a spouse or if they are single, the date of the purchase, a legal description of the real estate, and the price of the real estate. The purchase agreement should also be signed by the involved parties as well as dated. In some states, a purchase agreement must be signed in front of a notary public.
Purchase contracts must be used for the buying and selling of real estate. It is a legal document that places the information regarding the exchange of ownership of the listed property into writing. In many states, the document must be signed by both parties in front of a notary public.
A seller of real estate should prepare a purchase contract for the property. The seller generally has all of the required information, including a legal description of the property, that must be added to the purchase contract. Remember that purchase contracts have specific legal requirements in each state.
I'm just selling a home to a family member. Do I really need a purchase contract?
Yes. A purchase contract must be used to outline important facts about the real estate. In many states, a person who owns or plans to buy a home must do so with their spouse listed. In order for the buyer to know exactly what they are getting, a legal description of the propery must be listed as well as the purchase price. This helps protect the buyer and you as a seller..