Basics of Selling a Home
What’s usually in the contract of sale?
After you have negotiated the sale, the terms of your contract will be clear. A contract is an agreement between two parties stating who does what and who gets what. It can contain anything legal that both parties agree to.
There are certain standard items that should appear in most contracts. They are:
- the date
- full names of the parties involved
- the address of the property being sold
- the full amount of the purchase price
- the escrow amount, where it will be deposited and who gets the interest
- the date and place of the closing and possession
- exactly what is included in the sale
- who will pay closing costs
- the amount of the real estate agent's commission
>>What legal papers should I have before putting my home on the market?
>>Do I need a real estate agent? An attorney?
>>Legally, what is an offer?
>>What’s usually in the contract of sale?
>>What happens at the closing?
>>Where can I get more information?
Practical Law Home | Buying or Selling a Home | Basics of Buying a Home
*Basics of Selling a Home* | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
The Purchase Contract | Financing a Home Purchase | The Closing | The Fair Housing Act
Where to Get More Information