What is Contained in a Home Contract for Sale?

One of the most important aspects of purchasing a home in North Dakota is the contract for sale. That is the offer to buy the house, land, or property that the seller is selling. Once both parties have signed the offer, it becomes a legally binding contract, meaning that both parties are bound by the terms upon which they agree. The buyer is the one who makes the initial offer, and the seller can counteroffer. However, once the buyer makes the initial offer, the seller can immediately sign it, meaning that once the buyer makes the first offer, he or she may not have a chance to change it later. Therefore, it is extremely important that the buyer is diligent in creating the offer, and it is strongly suggested to consult an experienced North Dakota real estate attorney to make sure your offer is exactly right.

The Main Terms

Normally, most contracts or offers contain descriptions of the land, a purchase price, any items included in the sale, and any rights that the seller retains. These four terms are generally included in most offers and cover the most important aspects. It is important to recognize that you are purchasing the full parcel of land that you want, and for the price that you can afford. Also, it is important to have in writing any additional items that the seller intends to include because otherwise, those could be left in a legal limbo.

The Other Terms

One of the other important terms included in the offer or contract is a sale contingent on the buyer being able to acquire the appropriate financing. Buying a home is expensive, and almost everyone needs some sort of financing in order to complete that purchase. This clause is so important because it allows the buyer and seller flexibility in case the appropriate financing cannot be acquired. The buyer usually puts a contingency in the contract to purchase on their ability to acquire the financing they need. Another contingency the buyer usually includes is that the seller of the house or property actually can legally sell the house. This means that the seller has the marketable title to the house or property. This part of the contingency is fulfilled by doing a title search.

Another contingency that the buyer can add to the contract is an environmental audit. This basically is an inspection of the land to make sure that there are no current or potential environmental problems on the land, or anything else on the land or in the house that would affect the sale or leave the buyer responsible for fixing a serious problem. Finally, the contract will note that the buyer wants any additional information about the house, land, or property, when the closing date will be, the type of deed required, and when the deed will be delivered.

The North Dakota real estate attorneys at O’Keeffe O’Brien Lyson Foss will guide you through the real estate process and make sure you have your affairs in order to successfully and happily purchase or sell property. Dean Rindy is an experienced real estate attorney who will fight for your rights as passionately as you would. Call 701-235-8000 or 877-235-8002 today.