Before any RealtyPact legal document can be created, the Seller and Buyer must reach a ‘real estate handshake deal’ on the basics of their transaction.
So exactly what terms must a Buyer and Seller agree upon to have that handshake?
In essence, it’s the baseline information required to create the legal documents needed for a real estate transaction:
– the final purchase price of the property;
– the interest rate;
– the term of contract (time in months);
– any short-term buyout or ‘balloon payment’ requirements;
– the down-payment, either as an amount or percentage;
– a set closing date by which the contracts should be signed and executed;
– is the property being sold as-is or will there be an inspection prior to contract;
– are any personal property items included with the real estate sale;
– will the sale be closed directly by the Buyer and Seller or will a title company and/or title insurance be required.
Of course there are other items covered in a real estate contract, and decisions on these items must be made as well. But if both Buyer and Seller agree in principle to all of the items above, they have a real estate handshake deal — so it’s time to review the RealtyPact document options available then get the transaction completed!