Determine what you need to know about real estate contracts so that escrow runs smoothly.
When it comes to buying a home, it’s important that you have a comprehensive real estate contract. Your real estate contract is essential to how the home sale is processed and a vital component to the escrow process. However, when it comes to understanding your real estate contract, it’s easy to get overwhelmed. Check out the basics of a real estate contract to help keep you informed.
Drafting a Real Estate Contracts.
When it comes to buying a home, you need to draft a contract. In some state, these contracts are drafted by a legal professional well versed in contract law. In California, often times there are standard contracts that the real estate agents use. This contract usually serves as the offer agreement. When it comes to the type of contract used, bilateral contracts are most commonly used. The contracts pertain to a two-way agreement in which both the buyer and the seller are involved, as opposed to a unilateral agreement where only one party is obligated to do something.
Real Estate Contract Components.
While the specifics of a real estate contract may vary, there are certain components that remain the same. These sorts of components consist of drafting the contract in writing, consist of mutual agreement, identify specific parties and properties involved, state the price of the property, contain considerations, and must be signed by the parties involved. These elements are a must when it comes to drafting a real estate contract.
Understand the basics of your real estate contract so that you can get through the home buying process smoothly. Dedicated service paired with top-tier escrow services are a must when closing an escrow deal. Contact Brighton Escrow for assistance! Our Hermosa Beach, California team is committed to helping you make the most of your escrow process.