Real Estate Forms and Contracts

Generally, the buyer initiates the purchase agreement, often called the "sales agreement" or "offer to purchase". In some cases, however, the buyer will not know where to obtain contract forms or how to start the process. As a FSBO seller, you need to be prepared with contract forms for a prospective buyer. Contacting a real estate attorney to draw up a contract is the easiest way to make sure everyone is protected. If you and the buyer decide to progress without an attorney, you can purchase contract software packages on Owners.com or purchase forms at a local office supply store. And of course, if the buyer is working with a real estate agent whom you have agreed to pay, the agent will provide the appropriate forms.

A real estate contract is a contract for the purchase/sale, exchange, or other conveyance of real estate between parties. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental contracts) cover such rentals since they typically do not result in recordable deeds. Freehold ("More permanent") conveyances of real estate are covered by real estate contracts, including conveying fee simple title, life estates, remainder estates, and freehold easements. Real estate contracts are typically bilateral contracts (i. e., agreed to by two parties) and should have the legal requirements specified by contract law in general and should also be in writing to be enforceable.

Real Estate Forms FAQ

Q: What is the difference in a warranty and a quitclaim deed?
A: A warranty deed assures the buyer that the Seller will defend his title to the property from all other persons. A quitclaim deeds conveys whatever title the seller owns but with no warranty against the claims of others.

Q: Do real estate forms have to be notarized?
A: Most real estate forms must be notarized to be recorded in the land records. Examples are deeds and mortgages. Forms that will not be recorded generally do not have to be notarized, such as a lease form.

Q: What is a disclosure statement?
A: A disclosure statement, as used in the real estate context, is a form the seller of property must complete and provide to the buyer disclosing to the buyer all defects and various other information about the residential property.

Q: Who is the grantee and grantor?
A: Grantee - The person to whom an interest in real property is conveyed. Grantor - The person conveying an interest in real property.

Q: What is the Real Estate Settlement Procedures Act (RESPA)
A: A consumer protection law that requires lenders to give borrowers advance notice of closing costs

Q: What is a closing?
A: Although this term may mean different things in different states, the "closing" is a meeting where all of the documents are signed and money changes hands.

Q: Where do you get the necessary forms?
A: Forms are available for purchase over the Internet in standard formats, which can be filled up and printed as required. Most real estate portals have a legal section with links to all standard real estate forms.