Many of our South Florida readers know from personal experience that real estate transactions often involve a multitude of documents. And, most people accept that this is just part of the process. But there are certain aspects of these documents that are much more important than some of the "boilerplate" legal language. For instance, what are "terms of sale"?
The terms of sale are the important details included within a purchase agreement drafted and executed by the seller and the buyer in a real estate sale. First, the terms will include some of the most basic information, such as the names of the parties involved and the legal description of the property to be transferred. From there, the details need to be much more thought out.
Probably the most important term within the purchase agreement is the agreed upon price. There can't be any uncertainty about the value that is being exchanged for the property. If the amount is contingent upon the buyer selling another piece of property, like their current home, or if it is contingent upon the buyer being able to secure financing, those details need to be spelled out.
In some cases there will be items of personal property that will be included in the sale, such as appliances or lawn decorations. If the transaction is intended to include these items of personal property, those terms need to be outlined in the purchase agreement as well. Leaving any terms of sale out of the purchase agreement can come back to haunt the buyer, the seller or both.
There are several details that need to be considered and upheld when it comes to selling real estate. Those thinking about entering into an agreement or are currently dealing with issues regarding a real estate transaction should understand they have rights. In these matters, legal guidance could help them work through these and other issues.
Source: www.realestateabc.com, "Details of a Listing Contract," Accessed March 15, 2015