From the course: Real Estate Contracts
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Learning the essential parts of a contract
From the course: Real Estate Contracts
Learning the essential parts of a contract
- [Instructor] Before we dive into each of the sections, I'm going to identify the essential information or parts that must be included in a legal real estate contract. Number one, names of the buyer and the seller. These are the parties involved in the transaction. Number two, the address of the property. We need to identify the piece of real estate that is being bought or sold. Number three, the purchase price. This is the dollar amount to be paid for the property. Number four, consideration. This is most often an earnest money deposit in the form of a check. Number five, signatures. Both buyer and seller must sign the contract to show their agreement to all the terms and conditions. You will see that the first four of these essential parts of the contract are handled on the first page. Each page includes initials at the bottom for both buyer and seller and the signatures logically appear at the end of the contract.
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