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Common Real Estate Contracts
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Purchase Agreement
Purpose: To outline terms for buying/selling property. Key elements: Property details, purchase price, closing terms.
Lease Agreement
Purpose: To describe rental terms between a landlord and tenant. Key elements: Rent amount, lease term, responsibilities of each party.
Land Contract
Purpose: For buyers to purchase property directly from the seller over time. Key elements: Payment schedule, interest rate, consequences of default.
Option Agreement
Purpose: To give a buyer the right to purchase property at a set price within a time frame. Key elements: Option fee, stipulated time period, price agreement.
Listing Agreement
Purpose: To grant a real estate agent authority to sell a property. Key elements: Duration of listing, broker's commission, duties of the broker & seller.
Easement Agreement
Purpose: To grant non-possessory rights to use someone else's land. Key elements: Easement description, terms of use, maintenance responsibilities.
Loan Agreement
Purpose: To provide terms for a mortgage or financing real estate. Key elements: Loan amount, interest rate, repayment schedule.
Management Agreement
Purpose: To delegate the operation of a property to a management firm. Key elements: Scope of manager's authority, compensation, performance standards.
Construction Contract
Purpose: To outline the terms of construction projects. Key elements: Project scope, timeline, payment terms.
Joint Venture Agreement
Purpose: To set terms for a partnership in real estate developments. Key elements: Contributions of each party, profit sharing, management roles.
Exclusive Right to Sell
Purpose: To give one agent the sole privilege to sell a property. Key elements: Duration, listing price, terms for payment of commission.
Deed of Trust
Purpose: To secure real estate transactions with a third-party trustee. Key elements: Borrower's promissory note, trustee details, foreclosure process.
Assignment Contract
Purpose: To transfer one party's rights and obligations in a contract to another party. Key elements: Original contract details, assignment terms, assent of all parties.
Tenancy In Common Agreement
Purpose: To structure ownership among unrelated property owners. Key elements: Ownership shares, rights to transfer, survivorship arrangements.
Power of Attorney
Purpose: To authorize an individual to act on your behalf in property transactions. Key elements: Powers granted, duration, revocation terms.
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