7 Basic Requirements of a Real Estate Contract

The basic requirements to make a real estate contract valid are:

• There should be a mutual agreement between two parties to enter in to a contract.



• A contract for purchase and sale of real estate should be written because if one backs out, it will be extremely useful for the other person.



• A contract should identify the parties with their full names and initials.



• A legal description about the property is required because the contract should identify the property exactly.



• A contract should also state the purchase price of the property.



• A contract should have consideration because this is the value that binds a contract.



• A contract must be signed by the two parties for it to be effective.

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