From the course: Real Estate Contracts

Basics of real estate contracts

From the course: Real Estate Contracts

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Basics of real estate contracts

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- [Instructor] What is a real estate contract? A purchase and sale agreement is a real estate contract that's also known as a contract to purchase or an offer contract. Now I'm not a lawyer, so I'm not offering legal advice, but I am a real estate agent licensed in the state of Idaho, so I'm very familiar with all kinds of purchase and sale agreements. Before I got my license, I invested in California real estate and used my own contracts. The real estate contract is a powerful document. It is your money-making tool, and it's nothing to be afraid of. Look beyond the legal verbiage and get to the essence of what the contract does to protect you as an investor. One important thing to note is that the purchase and sale agreement in our hassle-free fill in the blank contract system is a basic standard contract for you to use when you're dealing directly with the seller. If you're working with a seller who has their property listed with a real estate agent, however, you may have an agent prepare and present a purchase agreement that is approved by your state's real estate commission. Get familiar with these state contracts too. You'll find that they include all the essential sections that are in the standard purchase and sale agreement we're covering in detail in this system. The statute of frauds in our contract law requires all agreements or contracts involving real estate to be in writing, to be valid. Once your agreement is executed or signed by the parties, meaning the buyer and the seller it's delivered to the closing agency, which is usually the title company or title attorney.

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