Mortgage Information

Few things are more satisfying than seeing your own children have teenagers of their own.
Doug Larson

Essentials of a Contract
Your purchase should involve a written contract. A contract is an agreement between two or more parties to do or to abstain from doing some legal act. A valid contract has four essentials
Contractual capacity of parties (competent parties) Offer and acceptance (mutual assent) Legality of object (The provision spelled out must not be prohibited by law) Consideration (Whatever is given in exchange for something else)

Real Estate Sales Contract
A real estate sales contract is a bilateral agreement between a buyer and seller and obligates both. The real estate sales contract will spell out the following
Names of buyer and seller Legal description of the property being purchased (preferred) or the street address of the property. Consideration Purchase Price Financing or cash terms Type of deed the seller will deliver Terms of expenses and any prorations to be paid Personal property to be left with the real estate Date, time and place of closing When possession of the property will occur

Contracts