Real Estate Contracts
Real Estate Contracts 102: Parties and Property information
Real estate purchase agreements are the guidelines for the transaction that your title agent will follow as you prepare for closing. Like any contract, purchase agreements have terms and conditions that bind the buyer and seller in the real estate transaction. Your title agent or attorney will review each purchase agreement to identify the key details for your transaction.
In this article, we’re going to dig into those key terms that your title agent or attorney closely reviews for your upcoming transaction.*
Buyer and Seller Information
The purchase agreement will always identify the buyer(s) and seller(s) of the property.
Contracts may have multiple buyers and sellers and may include sales and purchases by an individual, entity (like a corporation or limited liability company), trust, or personal representative of an estate.
Often, the agreement will require contact information for the parties, such as addresses, phone numbers, and/or email addresses, to provide any notices that are required under the terms of the contract.
As with any contract, all parties to the agreement must sign and date the document.
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Property Information
The purchase agreement must contain identifying information of the property being sold. Identifying information may include the address of the property, a Parcel ID Number, and/or a brief legal description from the public records. We walk through legal descriptions in the context of deeds here.
Personal Property
Most contracts include verbiage regarding personal property. Personal property may include furniture, window treatments, appliances, and special light fixtures. If any personal items in the property are not built-in, they should be identified in the Personal Property section of the contract as part of the sale if the buyer and seller so choose.
Conclusion
As you move through the contract, pay close attention to the details and terms. If you don’t understand all of the language of the contract, reach out to your real estate agent and/or seek the advice of a real estate attorney.
*The information provided in Blueprint Academy does not, and is not intended to, constitute legal advice. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed.