Residential real estate contract is a legal and formal document between two parties for the sale, purchase, exchange and other conveyance of real estate. Real estate contracts are bilateral contracts that carry all the legal requirements specified by the contract law of that state. The contract should always be in writing for it to be enforceable.
Sample Residential Real Estate Contract:
Residential real estate contract number: 65- KTC
Date of Registration: November 13th, 2010.
This residential real estate contract is made and entered by Ms. Tina Thomas who stays at House No. 45, Near Red Zone Parks, Willis Colony, Ottawa, Canada and Mr. James Carlow who stays at 27/H, River Road Lane, Toronto Canada.
Both the parties will be undergoing a real estate contract for selling the property by its owner Ms. Tina Thomas to the buyer Mr, James Carlow, who is shifting from Toronto to Ottawa and wishes to buy an apartment at Ottawa. The owner will sell the apartment in a fully furnished condition to the buyer and buyer will pay the agreed amount to the owner on the purchase of the property.
Address of the apartment being sold by Ms. Tina Thomas: 34- C, Wing-12, Rodgers Apartments, Flower Colony, Toronto, Canada
This contract is effective from November 25th, 2010 after the transfer of the house from the owner to the buyer.
Following mentioned are the covenants and conditions for both the parties:
The owner will give the house in fully furnished condition
- Payment Terms:
The buyer will pay the amount of $65,000 to the owner on the purchase of the residential real estate property.
The contract can get cancelled in case any of the parties violate the terms mentioned in this contract.
Hence, both the parties will approve the residential real estate contract
Signature of the Buyer:
Signature of the owner/Seller: