If you`re in the market to sell your house and lot, you`ll need a contract that outlines all the terms and conditions of the sale. This document is essential for protecting both the buyer and the seller, so it`s important to make sure it`s done right. In this article, we`ll take a look at what a contract to sell house and lot sample should include.
The first thing to consider is what type of contract you want to use. There are two main types: an agreement for sale and a deed of absolute sale. The agreement for sale is typically used when the buyer is still paying for the property in installments, while the deed of absolute sale is used when the buyer has paid the full purchase price upfront. For the purposes of this article, we`ll focus on the deed of absolute sale.
The first section of the contract should include the names and addresses of the buyer and seller. It should also state that the seller is the rightful owner of the property and has the legal authority to sell it. This is important for establishing the validity of the sale and protecting both parties from any legal issues that might arise later on.
The next section should include a description of the property being sold, including its legal description and any relevant survey information. This will help ensure that both parties are aware of exactly what is being sold and what its boundaries are.
The purchase price and payment terms should also be clearly laid out. This should include the total purchase price as well as the amount of any down payment that has already been made. It should also specify the payment schedule for any remaining balance, including the amount and frequency of payments.
The contract should also include any contingencies or conditions that need to be met before the sale can be finalized. This might include things like a successful home inspection, the resolution of any outstanding liens or judgments, or the obtaining of financing. These contingencies should be clearly stated and agreed upon by both parties.
Finally, the contract should include information about any warranties or guarantees that are applicable to the sale. This might include things like a warranty of title, which guarantees that the seller has the legal right to sell the property, or a warranty of habitability, which guarantees that the property is safe and livable.
In conclusion, a contract to sell house and lot sample should be comprehensive and clearly outline all the terms and conditions of the sale. By taking the time to carefully draft a solid contract, both the buyer and seller can rest assured that the transaction is being handled fairly and transparently.