Free Real Estate Sales Contracts: What You Need to Know

Real estate transactions can be complicated and intimidating, especially when you`re buying or selling a property for the first time. In order to protect yourself and ensure a smooth transaction, it`s essential to have a solid sales contract in place. Fortunately, there are a number of free resources available for those who need assistance in drafting their own contract.

In this article, we`ll explore what you need to know about free real estate sales contracts, including where to find them, what to include, and common mistakes to avoid.

Where to Find Free Real Estate Sales Contracts

There are a variety of websites and resources available for those seeking free real estate sales contracts. Some of the most popular options include:

– LegalZoom: This online legal services provider offers a number of free real estate contracts that cover a range of situations, including purchase agreements and lease-to-own agreements.

– Rocket Lawyer: Similar to LegalZoom, Rocket Lawyer provides free real estate contract templates with options to customize and edit according to your needs.

– FindLaw: This legal resource website provides a number of free real estate contract templates, though they may not be as user-friendly as some other options.

– Your state`s real estate commission: Many states have their own real estate commission or department that provides free resources for buyers and sellers, including sales contract templates.

What to Include in Your Sales Contract

Regardless of where you find your free sales contract template, there are certain key elements that should be included in order to protect both the buyer and seller. These elements include:

– Purchase price: This is the agreed-upon amount that the buyer will pay for the property.

– Payment terms: The method and timeline for payments should be clearly outlined in the contract, including any deposits or installment payments.

– Contingencies: A contingency is a condition that must be met in order for the sale to go through, such as a satisfactory home inspection or the buyer`s ability to secure financing.

– Closing date: This is the date when the buyer will take possession of the property and the seller will receive payment.

– Property details: The contract should list the property address, legal description, and any items that will be included in the sale (such as appliances).

– Signatures: Both the buyer and seller (and sometimes additional parties like real estate agents) should sign the contract.

Common Mistakes to Avoid

When drafting your own real estate sales contract, there are a few mistakes you`ll want to avoid in order to ensure a successful transaction. These include:

– Failing to include contingencies: Both parties should be protected in case certain conditions aren`t met, such as the buyer`s inability to obtain financing.

– Ignoring local/state laws: Real estate laws can vary by state, so it`s important to ensure that your contract complies with all applicable laws and regulations.

– Leaving out important details: Be sure to include all necessary details about the property and the sale, such as any repairs or inspections that need to be completed or the timing of the transfer of funds.

– Skipping the lawyer review: While free sales contract templates can be a great starting point, you should always have an attorney review the final contract to ensure that it`s legally sound and protects your interests.

Conclusion

A solid real estate sales contract is essential for any successful transaction, and free templates can be a great resource for those looking to draft their own contract. Be sure to include all necessary elements, be mindful of common mistakes, and seek legal advice when necessary to ensure a smooth and successful experience.