When it comes to buying or selling a property, the real estate sales agreement is one of the most important documents that must be completed. This document outlines the terms and conditions of the sale, and both parties involved must sign it to make the transaction legally binding. However, filling out a real estate sales agreement can be a daunting task, especially for first-time buyers or sellers. In this article, we’ll go through the steps to fill out a real estate sales agreement.
Step 1: Obtain the form
The real estate sales agreement is a legally binding document, and as such, it must follow state and local laws. Therefore, it’s important to obtain the correct form for your state. This can be done by contacting your local real estate agent or attorney who can provide you with the appropriate form.
Step 2: Identify the parties involved
The real estate sales agreement must clearly identify the buyer and the seller. This includes their full legal names, addresses, and contact information. It’s important to make sure that all personal details are accurate as any mistakes can cause issues later on.
Step 3: Outline the property
The real estate sales agreement must clearly outline the property being sold. This includes the address, the legal description, and any other relevant details such as the size of the property or any structures on the property.
Step 4: Outline the purchase price and terms
The real estate sales agreement must clearly outline the purchase price, including any deposits and payments. It’s important to note any contingencies or conditions that must be met before the final payment is made. These may include the completion of inspections, obtaining financing, or the sale of another property.
Step 5: Outline the closing date
The real estate sales agreement must clearly state the closing date, which is the date on which the sale will be completed. This includes the transfer of ownership and the exchange of funds.
Step 6: Include any additional terms and conditions
The real estate sales agreement may include additional terms and conditions that both parties have agreed to. These can include details such as who is responsible for property taxes or any repairs that need to be made before the sale is completed.
Step 7: Sign the agreement
Finally, both parties must sign the real estate sales agreement to make it legally binding. It’s important to read through the document carefully before signing to ensure that all details are accurate and that both parties understand the terms and conditions.
In conclusion, filling out a real estate sales agreement can be a complex process, but by following these steps, you can ensure that the document is completed correctly. It’s important to remember that this document is legally binding, so it’s crucial to seek advice from a real estate agent or attorney if you have any questions or concerns. By doing this, you can minimize the risk of any legal issues arising in the future.