What’s In a ‘Real Estate Handshake Deal’?

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!

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