FREE!! Order over 3000 Real Estate forms, real estate contracts for sale, Contract to purchase Real Estate, business letters, lease agreements, contracts forms, construction contracts, real estate forms and rental agreements, and more listed below 1. Bill of Sale: A written statement attesting to the transfer (sale) of goods, possessions, or a business to a buyer. It is useful to show that the buyer now has ownership and to detail what was actually purchased. A bill of sale may accompany an agreement which states the agreed-upon terms of sale, including the date of transfer, the price, timing of payment and other provisions. 2.
Sales Contract to Purchase Real Estate: A real estate sales agreement is a formal written contract made between a homebuyer and seller. The document includes property address, condition, purchase price, inspections, date of closing, date of possession and more. Also referred to as a contract to purchase real estate, real estate sales agreement, real estate purchase form, 3. Offer to Purchase Real Estate A formal document in which a buyer proposes to purchase a property for a specified amount and under certain conditions.
Acceptance by the seller creates a contract binding on both parties, subject to any contingencies. 4. Promissory Note : The binding legal document that must be signed by the borrower before loan funds are disbursed by the lender. The promissory note states the terms and conditions of the loan, including interest rate, and cancellations. The borrower should keep this document until the loan has been repaid. 5.
Counter Offer: A n offer made in response to a previous offer by the other party during negotiations for a final contract. Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract. Example: Susan Seller offers to sell her house for 0,000, to be paid in 60 days; Bruce Buyer receives the offer and gives Seller a counter offer of 0,000, payable in 45 days. The original offer is dead, despite the shorter time for payment since the price is lower.
Seller then can choose to accept at 0,000, counter again at some compromise price, reject the counter offer, or let it expire. 6. Power of Attorney: A legal document that grants the power of one individual to act on behalf of another. 7. Disclosures: A very important term in both real estate and mortgage transactions. It is required by statute and should not be overlooked.
For real estate it means: Disclosing all known facts that materially affect the value of a residential real property and are not readily observable to the buyer. For mortgages it means: Disclosing all known facts that affect your ability to obtain a home loan. In both cases, if youвre not sure, always disclose.