Download these Free 27 Property Contract Templates in MS Word or PDF Format to start drafting your own Contract Templates.
A Property Contract is a legal document between parties for the purpose of sale, exchange, or other conveyance of property. In most cases, the contract is signed between the parties who want to transfer real estate property like land, house, or a commercial building. The contract will clearly outline the obligations of the parties involved in the agreement. This article will discuss the Property Contract key points.
How Do You Write a Contract To Buy a House?
The first step of writing a Property Contract is to identify the parties involved, the buyer, and the seller. The agreement will then specifically identify each party by their names and contact information. Show the date, month, and year of the agreement. If the contract is between a person and a company, then physical transactions involve a representative of the business then the sales representative of that particular company will assume the legal role of the seller for the purpose of the transaction records. The legal status of each person involved in the transaction is outlined in writing along with any other relevant information such as the phone numbers and address of each party involved. It is advisable to relate names to legal identification documents (passport number, identification card number, or driving license) because names can be similar in some cases.
Free Property Contract Templates
Here are below unique and remarkable Property Contract Templates.
What Should be Included in a Property Contract?
Then the Property Contract will show the type and state of the property being sold. The property should meet the buyer’s standards and also the contract should clearly indicate the size of the property, its location, full address, and the fresh price.
There should be witnesses when the parties involved will be signing the Property Contract. So that in case of a breach of the contract, witnesses will act as a core value in dispute settling. On instances where the Property Contract is of a huge value or rather sum of cash, it’s important to have as many witnesses as possible. Provision for signing by the same is also provided; in the Property Contract, it is important to provide two signing fields for one specific witness. It will help to avoid the fake marks of signatures that will be of no use in dispute solving in an instance of contract breach or avoid fraud. In such case, the party involved cannot be trusted.
The Property Contract will also show the amount of money that the parties have agreed as the price for the property. Indicate if the buyer will buy the property at once or the payments will be made in installments. If this is the case then the contract should state the agreed amount per installment and the period of time that the parties agreed for payment installments.
The Property Contract should also state the terms for the contract termination. If the buyer is renting the property for a period of time then the contract should state what happens if either of the party violates the contract before the term is over or if one party wishes to terminate the contract. Terms should also be clearly stated for the case if and how the contract can be renewed after the term is over.