Relationship contract exampleRelationship Contract • July 19th, 2021
Contract Type FiledJuly 19th, 2021Any real estate transaction requires a contract, which can be either written or verbal but must spell out every aspect of the transaction in detail. A contract is an agreement between a buyer and seller that outlines the terms by which the property owner agrees to sell the property to the buyer.Deeper definitionAlso known as a purchase agreement, a real estate contract can technically be a verbal agreement, but it won’t be legally enforceable unless it’s in writing and signed by both parties. Both parties must be of legal age and mentally competent to enter into an agreement. The contract includes the buyer’s offer to buy the property and the seller’s formal acceptance of the buyer’s offered purchase price.The contract must address every part of the transaction by identifying the buyer and seller, the property being transferred between them and the agreed upon purchase price for the property. The contract also must describe the condition of the property as well as what is and isn’t inc