Our real estate purchase contract template will help you save time when you are searching to buy a property.
What you should know before using our Real Estate Purchase Contract Template
Buying or selling a property is usually the largest financial decision someone will make in their lifetime. To help you fill out our real estate purchase template, some of the more complicated issues are talked about below.
This is the part of the contract where you will list everything that is included in the property sale. A normal contract to purchase a piece of property looks something like this:
"All heating and cooling equipment, plumbing and bathroom fixtures, doors, carpets, windows, built-in appliances, and shelving. Furthermore, fencing, outdoor plants, and other permanently attached items on the premises."
Earnest money is a tactic used by the buyer to show that they are serious about buying the property. By showing bank statements or cash, the buyer is proving they have the monetary means to purchase the property. This tactic is also commonly referred to as a good faith deposit.
There are no exact dollar amounts for earnest money. Thus, this process can vary and include only a few hundred to tens of thousands of dollars. Once shown, the earnest money is normally held in a real estate broker's trust account. Typically, earnest money is used for closing costs or a down payment once the property is officially sold. As with any contract, this should be specified before the deal is signed.
When buying real estate, the purchase price is not the only expense. Closing costs commonly include title costs, recording fees, inspection fees, survey fees, appraisal fees, property taxes, and insurance costs. Yet these can also mean attorney and broker fees that all work to increase the total cost.
Certain closing costs are normally paid by one party such as the buyer pays the appraisal fees. However, there are no laws outlining who must pay which expanse. Thus, in order to remove confusion, you should always state which party is paying what closing costs.