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1 GREATER LOUISVILLE ASSOCIATION OF REALTORS, INC. 2 This document is copyrighted by the Greater Louisville Association of REALTORS, Inc. and is for the use of its Members only. 3 Residential Sales

How to fill out residential sales contract

How to fill out a residential sales contract:

1. Begin by thoroughly reviewing the residential sales contract form. Familiarize yourself with the sections, terms, and clauses included in the contract.
2. Gather all necessary information and documents related to the sale, such as property details, buyer and seller contact information, financial terms, and any other relevant terms or conditions.
3. Start by entering the date at the top of the contract and identifying the parties involved – the buyer and the seller. Include their legal names, addresses, and contact information.
4. Provide a detailed description of the property being sold, including its address, legal description, and any additional relevant details, such as fixtures or appliances included in the sale.
5. Specify the purchase price agreed upon between the buyer and the seller. Include the details of any down payment, financing terms, or contingencies related to the purchase price.
6. Disclose any financing arrangements or mortgages associated with the sale. This includes the type of financing, the loan amount, interest rate, and any additional terms or conditions agreed upon.
7. Outline the specifics of any inspections or assessments required as part of the sales process. Include who will be responsible for paying for these inspections and set deadlines for completing them.
8. Include any contingencies or conditions that must be met before the sale can be finalized. This could include factors such as the buyer's ability to secure financing, satisfactory appraisal results, or a clear title search.
9. Include any representations and warranties made by the seller regarding the condition, legality, or other aspects of the property being sold.
10. Specify the desired closing date for the sale and any relevant details regarding the transfer of possession, keys, or other items associated with the property.
11. Review the entire contract carefully to ensure accuracy and consistency. Make any necessary revisions or additions before both parties sign the agreement.
12. Once both the buyer and the seller have agreed to the terms and conditions outlined in the residential sales contract, everyone should sign and date the document.
13. Keep copies of the signed contract for all parties involved, as well as any accompanying documents or disclosures.
14. It is recommended to consult with a real estate attorney or professional when filling out a residential sales contract to ensure compliance with local laws and regulations.

Who needs a residential sales contract?

1. Any individual or party involved in buying or selling a residential property can benefit from having a residential sales contract. This includes homeowners selling their property, real estate agents representing buyers or sellers, and investors or developers involved in residential real estate transactions.
2. Residential sales contracts help protect the rights and interests of both the buyer and the seller by clearly outlining the terms and conditions of the sale. They provide a legally binding agreement that ensures both parties understand their obligations and responsibilities.
3. Having a residential sales contract in place is essential for avoiding misunderstandings, disputes, or legal issues that may arise during the buying or selling process. It helps establish clarity and accountability for all parties involved, offering a solid foundation for a successful transaction.

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What is residential sales contract?

A residential sales contract is a legally binding agreement between a buyer and a seller outlining the terms and conditions for the sale of a residential property.

Who is required to file residential sales contract?

Both the buyer and seller are typically required to file a residential sales contract to ensure that the transaction is legally documented.

How to fill out residential sales contract?

To fill out a residential sales contract, both parties must include details such as the property address, purchase price, closing date, and any contingencies or conditions of the sale.

What is the purpose of residential sales contract?

The purpose of a residential sales contract is to establish the framework for the sale of a property, protecting both the buyer and seller from any potential disputes.

What information must be reported on residential sales contract?

The residential sales contract should include details about the property, purchase price, financing terms, closing date, and any contingencies or conditions of the sale.