FSOB: Third-Party Reports and Legal Forms: Ten Essential Real Estate Forms

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Whether you are buying or selling property, real estate contracts and forms will be needed to expressly stipulate what both parties are agreeing to. Ten of the more common forms are listed below. Although you won’t need all of these forms on any one transaction, it’s a good idea to be familiar with them and to have them on hand just in cast you do. Samples of each of these forms may be found using Google.

1. Residential Sales Contract

2. Property Condition Disclosure

3. Lead-Based Paint Disclosure

4. Third-Party Financing Addendum

5. Loan Assumption Addendum

6. Seller Financing Addendum

7. Promissory Note

8. Notice of Termination

9. Warranty Deed

10. Quit Claim Deed

Residential Sales Contract

The residential sales contract, or purchase agreement as it is also known, is used to legally bind two or more parties together in a contractual relation ship so as to specify the terms and conditions under which real property is to be bought or sold. Sales contracts are written with many different modifications to cover the various needs of the parties involved. A residential sales contract can be as short as one page, or as long as 15 or more pages. Some are written with simplicity in mind, while others are more carefully drafted for the purpose of protecting buyers and sellers from most any unforeseen condition that may arise. Regardless of their length or complexity, most all sales agreements have several primary components in common. Basic items to be covered in a purchase agreement should include at a minimum the following elements:

• Contract date

• Purchaser and seller to be identified

• Subject property street address and legal address

• Sales price

• Financing considerations

• Closing and possession dates

• Title insurance provisions

• Earnest money deposit

• Proration of any taxes due, as well as homeowner’s associates dues, utility bills, or other fees

• Right of purchaser to inspect, waive rights, or accept the property “as is”

• Any additional provisions that the buyer and seller may agree to not covered in the standard agreement

Of the 10 forms described in this section, the residential sales con tract is the most important because it is used every time real property is bought and sold. Most other real estate forms are supplementary in nature. Google “residential sales contract” for more information.

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