With all the moving parts of closing a home sale, each person must play their part to get to the closing day. While there`s not much you can do to dispatch the buyer, you can keep an eye on your tasks to get to the end of the day faster. Deborah Smith, a Detroit real estate agent who has sold more than 65% more real estate than the average broker, tells us anecdotally that it takes about 30-45 days to close a standard home sale in their area. Whenever a house is sold and the property is transferred from one person to another, a legal contract, called a real estate purchase contract, is used to define the conditions of sale. A sales contract is a real estate contract. This is a written agreement between the buyer and seller to exchange real estate. The buyer undertakes to pay an agreed amount for the property. The seller undertakes to transfer the deed to the property. As a rule, the buyer`s agent writes the sales contract. However, if they are not legally licensed to practice the law, real estate agents generally cannot create their own legal contracts. Instead, companies often use standardized form contracts that allow agents to fill in the gaps with the peculiarities of the sale. Every transaction is different, so not all real estate purchase contracts are the same.
However, there are some fundamental elements that should be included in every sales contract. Since the revision of the sales contract is usually left to buyers and sellers, it is important to understand the details of the transaction. Think of it as a financial vocabulary test where it`s definitely worth getting an A. .