What does it mean when land is for sale but under contract?
What does it mean when land is for sale but under contract?
What does “under contract” mean in real estate terms? “Under contract” means a buyer has put in an offer that the seller has accepted. Still, the offer on a home is contingent upon meeting one or more conditions. If the buyer does not meet these conditions within the proper timeframe, the deal is no longer valid.
How much does it cost to sign a real estate contract?
A real estate agent can best advise on the closing cost standards of the market and whether they can be negotiated between the buyer and the seller. Generally, closing costs average from 2% and 5% of the purchase price. Once all the above terms are agreed to and each party signs the contract, it is legally binding.
How long does a landlord have to give you notice of sale of property?
Your landlord must give you 24 hours notice (or whatever the notice requirement for your state is) before a real estate agent, inspector, or anyone shows up and enters your property – but he does not have to accommodate your request to always be present during these events.
Why do you have to sign a contract when buying a house?
If the buyer still wants to purchase the property, the price will most likely be negotiated so the buyer won’t be held to the full market price on a home that needs substantial repairs. Likewise, the seller will realize the inspection results would need to be disclosed to the next buyer regardless.
What do you need to know about real estate contracts?
When you’re buying a house, a real estate contract is the legal document that outlines the terms and details of a real estate transaction. The most common type is a purchase agreement (more on that later).
A real estate agent can best advise on the closing cost standards of the market and whether they can be negotiated between the buyer and the seller. Generally, closing costs average from 2% and 5% of the purchase price. Once all the above terms are agreed to and each party signs the contract, it is legally binding.
What happens if you don’t sign a real estate contract?
The sellers also have the option of suing for “specific performance,” which means that a court could decide that the buyers must do what they promised in the contract. For example, if the signed real estate contract said you would purchase the property for $250,000, then a court could order you to pay that amount to the seller.
What does it mean to sign listing agreement with real estate agent?
A “listing agreement” is a contract between a real estate agent (the agent who will be listing the property for sale) and the home seller. It primarily says that the agent has the right to list (advertise and handle the sale of) the house.
When you’re buying a house, a real estate contract is the legal document that outlines the terms and details of a real estate transaction. The most common type is a purchase agreement (more on that later).