Conditions of the Real Estate Contract

There are different requirements in the different legal jurisdictions that make a valid real estate contract. Some of the requirements are same in all the legal jurisdictions but not all are same. The written agreements are considered valid in most of the legal jurisdictions whereas the parties doing verbal agreements cannot stand in court against the other party if the other party withdraws from its promise and responsibility. This is because to give legal binding to a contract, the contract must be in written form.

Names and addresses of both parties

Full names of both the parties with their addresses must be included in the written contract. The full names and addresses of the parties must also be covered by their correct signature. The full names of both the parties with their addresses are required for proper identification of the parties and the signatures of the parties show that they agree to the conditions of the contract. Proper identification is necessary because often it has happened that if proper identification of a party was not given in the written contract then the party was not able to stand in court against the dishonest act of the other party. So to provide legal rights to the parties in a contract, the full names with address must be mentioned in the contract. If you are signing a real estate contract then remember to check your full name with address and full name with address of the other party also in the written contract before signing because anything missing can cause problems later.

Description of the property

The full description of the property must be written in the contract to identify the property. The proper identification the property is necessary to avoid any problems or dispute. The full description must include the location of the property, size of the property, and full address of the property etc. An agreement in absence of the full description of property can result in dispute between the parties. For example, if a seller sells 2000 sq feet of land to the buyer but the size of the property is not written in the agreement then the buyer will not be able to take possession of the purchased land because he does not have legal rights to take possession of the 2000 sq feet of land. So if you are signing a contract to buy or sell a property then you can save yourself from trouble just by ensuring that the full description of the property is there in the agreement.

After checking these points in the contract, you can confirm your deal with the other party. Confirmation means your signature so check the important points and close the deal successfully by your signature.