The main objective of a real estate contract is to clearly define the terms and conditions agreed upon by the parties involved in a property transaction.

A Purchase and Sale Agreement is typically used in residential property transactions, outlining the terms of the sale, including the purchase price, payment terms, and closing date.

An earnest money deposit demonstrates the buyer's genuine interest in purchasing the property and serves as a guarantee of their commitment to the transaction.

The Deed Clause in a real estate contract specifies the process and conditions for transferring ownership of the property from the seller to the buyer.

A contingency clause allows for certain conditions to be met before the contract becomes legally binding, addressing potential issues such as property inspections, appraisals, and financing.

In most real estate transactions, the buyer is responsible for paying closing costs, which include fees associated with the transfer of ownership, taxes, and other expenses.

A signature on a real estate contract signifies the parties' agreement to the terms and conditions outlined in the contract, making it legally binding.

An Inspection Clause in a real estate contract allows the buyer to conduct a thorough inspection of the property to identify any issues or defects before finalizing the purchase.

A title insurance policy safeguards the buyer against any legal claims or defects in the title to the property, ensuring a clear and marketable title.

A Termination Clause specifies the circumstances and procedures under which either party can legally terminate the real estate contract without facing financial or legal consequences.

A survey is conducted to accurately establish the property's boundaries, dimensions, and any easements or encroachments, ensuring a clear understanding of the property's physical characteristics.

A Proration Clause determines how property taxes and other expenses are divided between the buyer and seller based on the time each party holds ownership of the property during the tax year.

A due diligence period grants the buyer a specified timeframe to thoroughly examine the property, its condition, and any relevant documents to make an informed decision about the purchase.

A Buyer's Agency Clause defines the duties and obligations of the real estate agent acting on behalf of the buyer, ensuring that the agent represents the buyer's best interests throughout the transaction.

A warranty deed offers the buyer protection by guaranteeing that the seller has clear title to the property and that there are no outstanding liens or encumbrances.