The contact will start out with the names of the parties to the agreement, the buyer and seller. Next will come the description of the property, and the agreed to purchase price. Payment terms, along with details about financing might follow. From there things can get pretty hairy, with a wide variety of ordering and additional clauses, including how addendums to the contracts are listed, termite inspection, and default on payment to the seller. The list is actually so long and so varied, that it would not do justice to provide a single description here, partly because each state has its own laws about what should or must be included.



But we looked at a couple of contracts, one for Maryland and one general purpose contract. The Maryland contract had 55 clauses, including a checkmark section for selecting addendums that would be attached. The general purpose contract had 19 clauses, with an additional three Addendum sections that addressed a variety of things, including third party financing conditions, loan assumption, seller financing. An additional section called a Lead-Based Paint Disclosure (Sales) was included, in the general purpose contract, but it was included in the body of the of the Maryland contract, as well. So, you see contracts do not all look the same, although they might cover the same major points. Of course, all contracts include a place for the seller and buyer to sign and date at the bottom.



Residential purchase contract can be a streamlined way to either unload or buy some property without all the hassles and costs of a real estate agent, bank, and attorney. Some real estate agents can facilitate the process with a solid contract form, while at the same time providing answers to important questions you'll have. Book and companies that make it a business to provide online help for a small fee are also important resources to consider making sure the deal is safe, thorough, and legal.