Real Estate: Purchasing Essential Contract Information

Installment #15

This installment is important to the real estate investor as well as the individual who is looking to purchase property for their own residence. Once again as in the lease option contract installment, this is only a guideline and should never replace the advice of a licensed attorney who is retained to represent your interests. Especially when dealing as expensive as a house and the financial implications that result in the purchase of something so expensive.

A contract is something that all parties sign, and agree to abide by, if a party of the contract breaks the terms they default and is enforceable in court should it ever resort to something so drastic. You want all terms of the sale included in the contract, remember if the agreement is not in the contract in writing, then it is not enforceable, and will not likely be upheld should a disagreement occur. You should NEVER purchase a piece of property without a contract, even if you are paying cash for the property.

Section 1. The first and most critical thing that must be included in the contract is the buyer and sellers information. This should include legal names, address of both the buyer and seller. If the property is owned by a company, then the company name should be listed, if owned by individuals then the names of the individuals should be listed.

Section 2. Moving along the next section should be a description of the property. This should include the county and state where the property is located. As well as a legal description of the location, and the physical location (postal address) for the property.