Real estate contracts will vary depending on the state in which you reside, but the process of filling out the forms will remain mostly the same. In some states, the realtor association will create a real estate contract and make it available for download, print, or purchase in triplicate. Every real estate contract has specific elements that it must contain and these must be filled out. These elements include personal information, property information, and contract details.
Filling out personal information on a real estate contract
It is important that both parties read the entire real estate contract carefully. Personal information such as the buyer’s name and address and the seller’s name and address are required to be filled out. Also required are the names and addresses for all other parties related to the document. These parties may include the realtor and any spouses that may be listed as a party to the sale.
Filling out property information on a real estate contract
Every real estate contract will contain the exact location of the property for which the document is being drawn. The exact location will contain the full address, including city, state, and zip code. Legal identifying information such as the lot, block, and tract number must be included on any real estate contract, as well as the parcel identification number. More complex documents will contain an entire description that may be accompanied by a legal sketch of the property being sold.
Filling out contact details on a real estate contract
The exact price agreed upon must be contained in a real estate contract along with any deposit already paid. The manner in which the deposit will be held in escrow is also required in any real estate contract. The name and address of the bank holding the deposit should be filled out, as well as what happens to the deposit if the sale does not close.
Any warranty information, repairs needed, and disclosures need to be represented in the document. Every real estate contract must clearly state the amount of time the buyer has to conduct their inspections. Both parties and their respective agents must sign and date the contract for it to be legal and binding.
It is important that every party to a home sale understand how to fill out a real estate contract. If you would more information about buying or selling properties, contact the experts at Elite Real Estate Group in Amarillo, Texas. Give us a call today at (806) 337-0883 or Contact Us via email. You can also view our listings to see the homes we currently have available in the Texas Panhandle area.