Real Estate Contracts

In real estate, to have an official contract, there must be an offer and acceptance. Even with a written agreement with offer and acceptance, you still need consideration to make the deal work. Consideration in real estate means that the buyer will make a deposit with an offer, cash that is designed to show the seller's intent and to compensate the owner if the deal falls through because the buyer withdrew for no apparent legal reason. Basic real estate forms are used locally are likely to cover many issues and in some cases may even be used without alteration. Keep in mind as real estate deals become more complex, more and more deals require not only basic forms, but also "addenda" which are additions to a contract form made on a separate sheet of paper. Two sheets are considered addenda; one sheet is addendum. These addenda are important because if properly written they supersede any conflicting language found in the basic form. Any real estate agreement can be verbally discussed but generally to be legally enforceable they must be in writing. They also must be made by people who are legally competent. Remember to always have your contracts and any addenda completely reviewed by an attorney to assure that the details of such additions are fully understood. If you decide to list your property through a broker, be certain to get a copy of the offer form used by that broker. Carefully inspect the document with the broker, and if necessary with an attorney. Fully understand all obligations required. All areas have a standardized form agreement that is available for local home sales. It is recommended to use a localized form rather than a generalized form because local jurisdiction commonly require certain items to have a valid real estate agreement. When dealing with selling or listing your home there can be many different types of listing agreements and contracts. In order to protect yourself and the listing or sale of your home have an attorney review all of the documents before signing.