27. September 2021
Every transaction is different, so not all real estate purchase contracts are the same. However, there are some fundamental elements that should be included in every sales contract. Property Disclosure Statement – Completed by the seller to inform the buyer of the current condition of all parts of the house such as roof (leaks), flooding, electricity, plumbing, heat, etc. Serious money deposit: A serious deposit is a deposit that shows the good faith and obligation of the buyer to continue the purchase of the property. In return for the buyer`s serious money deposit, the seller withdraws the property from the market. At the end of the purchase, the deposit of serious money is charged to the purchase price. When the contract is terminated in accordance with the terms of the contract, the serious deposit is usually returned to the buyer.