Article: The parties will include the buyer(s) and seller(s). The contract should state the full legal names of all parties and identify each party as a buyer or seller. The contract also should set forth the marital status of all parties, because marital status directly affects how parties legally hold title to property. For example, the contract could state "Jane Doe, Seller" and then refer to Jane Doe as "Seller" throughout the rest of the contract. Jane's full name only needs to be mentioned twice - once in the opening paragraph of the contract so that it is clear that she is the seller, and once in the signature block at the end of the contract, below her actual signature. "Seller" and "Buyer" are the most commonly used designations for the parties to a FSBO contract. There is no right or wrong way to title a contract. It is important for a contract to have a title so that its purpose is clear. This title also allows the parties to easily identify and refer to the contract. The title should be placed at the very beginning of the contract. For instance, the contract could be entitled "Real Estate Purchase Agreement." The contract could then be referred to as "Purchase Agreement," or simply "Agreement" throughout the body of the contract. Similarly, the contract could be entitled "Real Estate Sales Contract." The body of the contract could then use the shortened version of the title, i.e. "Contract," throughout the remainder of the contract. It is essential that the contract be dated to protect both parties. In the event of a dispute, the date of the contract could become essential. All other obligations of either party that exist pursuant to the contract also should bear the relevant dates. The contract should state both the common residential address of the property and the full legal description of the property. You will find the full legal description in the deed to the property, which is a document that shows ownership of the property. You can get a copy of the deed or an affidavit of sale from the recorder's office in the county in which the property is located. You may have to pay a small fee to get a copy of either one of these documents, depending on the county and state in which you live. However, both of these documents will contain a full legal description of the property. The body of your contract should specifically name and describe each item of personal property involved in the sale. This is important because both parties to the sale must be absolutely clear on what personal property is included in the sale. For example, appliances, such as stoves, refrigerators, and dishwashers, are often included in the sale of a home, but are not always included. As a result, the contract should specifically describe and list all appliances that the parties intend to include in the sale. Fixtures are another item that are typically included as part of the property being sold in a real estate contract. These are items of personal property that are affixed to the real estate in some way. These might include plants in the yard or other landscaping, as well light fixtures throughout the home. Again, the contract should specifically list those fixtures that are being included in the real estate sale. At the end of the contract, there should be a place for both buyer and seller to print and sign their names. Some parties have a notary public present at the signing of the contract in order to witness their signatures. A notary public is usually available at your local bank, courthouse, or title insurance company. However, most states do not require that a notary public notarize a real estate contract.
What is a summary of what this article is about?
Name the parties to the contract. Title the contract. Date the contract. Describe the real estate. Detail any personal property included in the sale. Include a signature block.