How to Understand Real Estate Contracts

Let’s say you’ve done the exciting part: You’ve gone out and found a house to buy at the right price! Once your offer is accepted, you’ll be presented with a real estate contract.

This is something that your lawyer looks over, and often negotiates terms of – but you need to understand it, too. Let’s take a look at a typical contract and see what’s inside.

Terms Of The Deal.

The contract, at its most basic, names the buyer and the seller. The buyer and the seller are called parties to the agreement, which may further identify them with specific details – address and Social Security Number are two, and you might be asked if you had any former names – if you’ve changed your name because of marriage or divorce, your old name might still go on the contract.

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