For a real estate transaction to be completed, several legal documents have to be completed. The contract of sale is one of the most critical documents as far as the buying and selling of property are concerned.
The refinance property is a critical aspect of the real estate company. The purpose of the documents is to set out the terms and conditions that have been agreed by the seller and the buyer in a concise and clear manner.
The preparation of the contract of sale
The contract of sale is a legal document that is prepared by the real estate agent or the conveyance solicitor. When signed by the buyer and the seller, it becomes legally binding to the two. When property is to be sold privately, the task of preparing the contract of sale is usually assigned to the real estate agent.
When selling your property, there are certain considerations that should be factored in when choosing a real estate agent. One characteristic of a real estate agent is that he should be sales savvy and have the relevant experience that will enable him to sell your property within the required time frame.
His experience will also be vital in created a water tight contract.
Contents of the contract of sale
Some clauses or provisions are usually included in a contract of sale. The contract of sale should have the following details
- The name of the seller and buyer
- The conditions of the sale
- The financing information and any additional building inspections
- The address of the property
- The initial deposit amount that has to be paid
- The total cost of the property
- The property settlement date
- The terms of availability of the property
Completing the contract of sale
The buyer of the building is usually the first individual to sign the document. After signing, he will submit the offer to the seller which will include the price and any additional conditions. Once the buyer signs the document, it becomes a legally binding document.
As much is the contract is legally binding it will not be activated unless the seller signs it as well. Once the buyer signs the documents he is by law required to meet the conditions stipulated even without the signature of the owner of the property.
The only way that the buyer can nullify the offer at this point is if he revokes the offer before the seller signs it. The agreement can also be canceled at this stage if the seller refuses to accept the offer of the buyer.