What should be included in a real estate purchase contract?

A real estate purchase contract should include certain basic information to protect both the buyer and seller. For the buyer, it should identify the property and the seller; document the amount of earnest money paid; and specify the purchase price and the terms of financing, including the type of loan, the down payment amount, and the interest rate. It should also include a deadline for obtaining financing and a closing date for the purchase. For the seller, the contract should state when the buyer intends to take possession of the property; specify any items included in the sale (such as appliances); and include details on any necessary inspections and how to resolve issues that arise from them. The contract should also include a contingency period during which the buyer can cancel the contract if contingencies (such as financing or home inspections) are not met. The contract may also contain language to address any special situations or demands related to the property. For example, North Carolina law requires sellers to disclose any known defects in the property before it is sold. Finally, the contract should be reviewed by a lawyer to ensure the interests of both parties are fully protected.

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What should be included in a real estate purchase contract?

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