subject: How To Get The Ball Rolling On That Real Estate Purchase [print this page] The real estate purchase agreement should set out the terms and conditions regarding the purchase of real estate. In order for the agreement to hold water in a court of law it should be set in writing as is required by the United States Statue of Frauds. The first thing a real estate purchase agreement should contain is the names and identities of the parties to the purchase which includes the full name of the parties as well as names of real estate brokers who will be listed as real estate agents or brokers and will earn a commission from the purchase.
The real estate purchase agreement must identify the property with a minimum of its address being given and a legal description of it would be most suitable as well. The purchase price of the property must be stated and in case a figure is not available, a reasonable and acceptable figure may be quoted in the agreement. Also, the signatures of the parties must be given without any coercion and it must have been voluntarily set down in the agreement.
The purpose of the purchase should be legal, as any illegal purpose would render the agreement null and void. In addition, the parties to the purchase should be competent to enter into the agreement and not be mentally impaired, drugged or be in any way incompetent to enter into a contract. In case one of the parties is a minor, he or she has the right to nullify the agreement.
All parties to the real estate purchase agreement should have commonality of purpose and they should be clear in their minds and agree upon the essential details, obligations as well as rights of the agreement. The real estate purchase agreement should be for a consideration and value should be exchanged for the real estate of which money is the most common denominator though there are other forms of consideration that can also be used such as other property given in exchange, or even a promise to perform.
The real estate purchase agreement should also be notarized though it is not essential, but is nevertheless useful as many recording offices ask for the seller to sign on a deed, which is to be notarized in order for the purchase to be recorded. Most often, such a real estate purchase agreement does not have to be recorded with the government though the parties may have to give statements regarding the purchase price when submitting the agreement to the recorder's office.
The real estate purchase agreement form is readily available in the market, and finding one should not pose any problem, as there are many vendors who specialize in such documents, and for a few dollars, one may obtain a completely researched and well-formed real estate purchase agreement. There is no need for researching and creating one from scratch as buying these documents provides an avenue for obtaining comprehensively created solutions that have had experts draft them and they are suited for all manner of use. Spending a few dollars, one could reap great benefits, as there is plenty to be saved in terms of time, money and cost as well as being tailored to suit individual requirements.
