A contract of sale in a real estate transaction is a legal contract documenting the promise to exchange a property from seller to buyer for an agreed upon value of money. The contract is usually prepared between the buyer’s and seller’s attorneys and outlines the following:
- Who the buyer and sellers are and the mentions of subject property
- What price was agreed on, how much of it is the buyer paying upfront, and how much is being financed
- Contingencies such as a mortgage commitment from the lender and repairs to be made by the seller. There is usually a stated time frame for such contingencies.
- List of personal moveable items agreed on by buyer and seller, e.g. Shed, pool, etc…
- An occupancy/possession agreement outlining when the buyer will obtain possession of the home and when seller will vacate the property
- When the closing date will be
