Anytime you are preparing to buy or sell property in the state of Pennsylvania, it is imperative that you have a legal contract in place to protect yourself and your investment. If you are relatively new at the process of transferring properties, you may be wondering what types of terms to include in contract that addresses all aspects of the sale.
According to Investopedia, there are several components of a real estate contract that must be present in any transaction. These include the following:
- Home inspection: A home inspection will uncover any parts of the property that require immediate attention. Remedying these discrepancies can create a more successful sale for both you and the other party.
- Sale of existing property: If there is a contingency that you or the other party sell a property before completing the purchase of the new property, these terms must be included in the contract.
- Closing date: Here, you will disclose when the final negotiations will take place and the property will be signed off.
- Appliances: In this portion of the contract, you will list all of the appliances and fixtures to be included in the sale of the property. If you are buying, be sure that all of the appliances discussed in negotiations are included in the contract to avoid missing out on something you expected.
Other important items that should be present include financing terms, any seller assist agreements and who you expect to pay closing costs.
The information in this article is intended for educational purposes only and should not be taken as legal advice.
