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Common Real Estate Contracts

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Purchase Agreement

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Purpose: To outline terms for buying/selling property. Key elements: Property details, purchase price, closing terms.

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Lease Agreement

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Purpose: To describe rental terms between a landlord and tenant. Key elements: Rent amount, lease term, responsibilities of each party.

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Land Contract

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Purpose: For buyers to purchase property directly from the seller over time. Key elements: Payment schedule, interest rate, consequences of default.

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Option Agreement

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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.

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Listing Agreement

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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.

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Easement Agreement

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Purpose: To grant non-possessory rights to use someone else's land. Key elements: Easement description, terms of use, maintenance responsibilities.

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Loan Agreement

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Purpose: To provide terms for a mortgage or financing real estate. Key elements: Loan amount, interest rate, repayment schedule.

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Management Agreement

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Purpose: To delegate the operation of a property to a management firm. Key elements: Scope of manager's authority, compensation, performance standards.

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Construction Contract

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Purpose: To outline the terms of construction projects. Key elements: Project scope, timeline, payment terms.

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Joint Venture Agreement

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Purpose: To set terms for a partnership in real estate developments. Key elements: Contributions of each party, profit sharing, management roles.

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Exclusive Right to Sell

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Purpose: To give one agent the sole privilege to sell a property. Key elements: Duration, listing price, terms for payment of commission.

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Deed of Trust

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Purpose: To secure real estate transactions with a third-party trustee. Key elements: Borrower's promissory note, trustee details, foreclosure process.

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Assignment Contract

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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.

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Tenancy In Common Agreement

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Purpose: To structure ownership among unrelated property owners. Key elements: Ownership shares, rights to transfer, survivorship arrangements.

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Power of Attorney

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Purpose: To authorize an individual to act on your behalf in property transactions. Key elements: Powers granted, duration, revocation terms.

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