Real Estate Contracts

Real estate contracts are used in many types of real estate transactions such as the purchase or sale of a property or a conveyance or exchange of property. Common types of real estate contracts include sales or purchase contracts, leases and freehold conveyances. A real estate contract is almost always a bilateral contract, meaning that two separate parties agreed to abide by the contract. In order for real estate contracts to be enforceable, the contract must be in writing. A real estate contract can allow for a lawyer review, which provides the parties with a specific period of time during which they can review the contract with an attorney.

Fast Facts

  • All real estate contracts must have a legal purpose - if the contract includes an illegal action it becomes void.
  • Most real estate contracts do not require a public notary's signature to become official; however, some recording offices do require a notarized signature.

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