Tips to Writing a Good Real Estate Sale Contract | Modern Dignity ...

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An estate sale contract is formed when one party has an offer and another party chooses to accept what the first party offered. By law, the government requires that agreements on real estate needs to be enforceable. In order for the agreement to be legally binding, the offer and acceptance needs to be in writing and signed by both parties involved in the deal. Thus, a contract should be drafted with the clarity and simplicity both parties must be able comprehend with ease.

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As always, you have to know your money or better yet, where a substantial part of your hard earned money will be going, which is the case in estate purchase. Real estate is easily the most significant investment an average person makes through his lifetime. In the old days, lawyers used to handle every aspect that needs to be taken care of in an estate liquidation. Today, the job is broken down into several responsibilities each taken cared by a separate job title such as insurance agent, broker and a lawyer. If you happen to be in the process of drafting an estate sale contract, the following are important tips to come up with a good one:

Use of Correct Legal Names

I feel that no one can state this enough since it is the most common mistake contracts with disputes have. Even with its seemingly extreme obviousness, terrible problems may arise from the very simple blunder of missing a letter, misspelling a name and not adding a name prefix or title. A sound contract always have the correct legal names list of all the parties involved in the sale who are expected to perform any of the agreed terms in the contract.

Use As Much Reference as Possible

Download forms on the internet, get copies of State forms applicable or related to what you?re drafting and ask the seller if he/she has in his possession a previous contract of the same nature. Having a template jumpstarts what you?re trying to do quickly. Getting a copy of a contract as closely related to the terms that are being agreed upon is very important because you are already covering a huge part of the bases, clauses and agreements contained in a good estate contract. Much of the work would already be completedfor you and you?ll just have to cover the next tips below.

Think Of All Possible ?What Ifs? Scenarios

A sound contract should also include anticipated shortcomings that may directly affect a party from performing his duties. The contract should also state what are the allowable and unacceptable? ?behavior or actions of a party. It should clearly state how much will be the leeway and what would be taken as a violation from which the other party who was violated can take legal action. Here is where a lawyer is most helpful. Consider a brainstorming session with a lawyer in which both would contribute scenarios of problems that might ?may occur.

Broaden All Technical Terms or Jargons

Both parties may have understanding of all words and terms included on the contracts they would agree upon, but it is important also to consider outsiders. Think of how the arbitrator, jury or a judge would react for not being able to understand the jargons you?ve used on your contracts. They are of course going to be the ones who both parties would expect to resolve if there would be any conflicts.

If there would be any indifference that would occur in the future between the two parties directly involved in the estate sale contract, resolving it would be much faster if their signatures are not alone in the contract. Also, identify the witnesses for both parties and include their contacts and addresses. Having them makes it unlikely for a single party to go astray from the agreement in the future.

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My name is Robert Elliott and I?m a successful financial author. Looking back, I remember being a boy who does not enjoy much of the games regular boys play at that time. At a very young age, my dad taught me how to handle money. I was hooked with money making matters ever since. My dad told me to ?know your money? and be really good at how you?re getting it.

Source: http://www.moderndignity.com/tips-to-writing-a-good-real-estate-sale-contract/

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