Real estate contracts can be complicated documents. Here's a checklist to make sure the necessary terms and conditions are covered in the contract.
- Date
- Seller Information
- Buyer Information
- Real Property Legal Description (not just address)
- Personal Property Included or Excluded
- Title to Convey
- Title Exceptions
- Purchase Price
- Down Payment
- Interest Rate
- Installment Periods
- Date of First and Last Installment
- Late Charge
- Prepayment Penalty
- Portion of Purchase Price to Allocate Toward Personal vs. Real Property
- Prior Encumbrances
- Insurance Requirements
- Zoning of Property
- Exhibits
- Possession Dates
- Default Provisions