Residential resale is a situation in which a residential property owned by someone or used by the owner is resold to a buyer who becomes the new owner of the property. While reselling a residential real estate property, the buyer and the seller often decide to get into an agreement which makes the reselling process official and legally binding.
Such an agreement in written form is termed as a residential resale real estate purchase contract. According to these contracts, the previous owner of a residential property has sold the property to a new owner for a certain resale value.
A residential resale real estate purchase contract is an important document for the involved parties as it describes the terms of the purchase including the transfer of ownership, transfer or rights and other roles and responsibilities of the parties. The contract document must also give the resale value and also the method and date of payment.
Such contracts must include the various details of the buyer and the seller including their names, addresses, contact numbers etc. since these are legally binding contracts; their terms cannot be violated by any of the parties once the sale has been made.
Sample Residential Resale Real Estate Purchase Contract