UNDERSTANDING REAL ESTATE CONTRACTS: A GUIDE TO NAVIGATING CONTRACTS
According to Contracts Counsel (Real Estate Contract: How They Work, Types & Key Terms), a real estate contract is a legally binding document between two or more parties participating in a purchase and sale, exchange, or transfer of real estate. It outlines the expectations of the homebuyer and seller. Real estate contracts need to be in writing to be enforceable. A real estate contract generally covers terms of finance, seller assist, home inspection, fixture and appliances, closing date, sale of existing home, etc.
Now that we have understood what a real estate contract is, let us look at the different types of real estate contracts that exist.
