When you’re looking to buy or sell a house, you want to know that you’re getting the best deal possible.
There are many different types of real estate contracts out there, and they all have different rules and regulations. In this article, San Pedro real estate agent will cover the most common types of real estate contracts.
1. Purchase Agreement
This is an agreement between two parties where one agrees to buy property from the other. The buyer agrees to pay for the property and may also agree to perform certain obligations, such as repairs.
2. General Purchase Agreement
A general purchase agreement is similar to a purchase agreement, but it does not specifically state what the buyer will do with the property after purchase. Instead, it lists any obligations that must be performed by both parties prior to closing on the sale of the property.
3. State/Association Purchase Agreement
This type of contract outlines how a group will buy or sell real estate within its jurisdiction. It states that all members must agree before decisions can be made about buying or selling any properties within their association’s control.
4. Property-Specific Purchase Agreement
This type of contract covers all aspects of purchasing specific properties, such as commercial real estate or land, rather than an entire subdivision or development project.
5. Lease Agreement
This agreement is used when one party rents out their property to another party for use as long as they wish to occupy it; this can include anything from a small rental unit to an entire office building.
6. Real Estate Assignment Contract
This contract allows one party (the assignor) to transfer ownership rights over certain properties or assets from themselves onto another person (the assignor), who then assumes all legal obligations associated with those assets from that point onward.
7. Contract For Deed
The contract for deed is a type of real estate contract that binds both parties to the agreement. The buyer pays the seller a certain amount of money each month until they have paid off the full cost of the property.
8. Power of Attorney
This is a very important legally binding document that gives someone else legal authority to act on your behalf.
There are many different types of real estate contracts available, so make sure you know what you’re getting yourself into. The most important thing is knowing which one is right for you!
Jonathan Ramirez began his real estate career with Keller Williams in 2015. Originally from The Bay Area, Jonathan graduated from San Jose State University in 2010 with a bachelor’s degree in Business Marketing. He is fluent in both English and Spanish and can’t wait to help you find your new home with The Prestige Team.