Common Contracts
1 similar Purchase Agreement contracts
BUYING OR SELLING REAL ESTATEPurchase Agreement • February 11th, 2009
Offer to Buy Real Estate and Acceptance or Purchase Agreement. Under Iowa law, a Contract for the sale of real estate is only binding if it is in writing signed by the parties. Since the sale of real estate of- ten involves substantial sums of money and the legal issues can be complex, you should retain an attor- ney to review the Offer to Buy or Purchase Agreement before you sign it. A Real Estate Contract needs to address the names of the sellers, the names of the buyers, price, down payment, balance due date, proration of real estate taxes, continuation of the abstract of title, description of the real estate, any fixtures or personal property included in the sale, date of possession and closing date (which normally coincide) and other matters. The amount of earnest money or down payment varies for each transac- tion. The earnest money or down payment may be held in an attorney’s trust account or a real estate broker’s trust account until closing.
