INTRO TO RESIDENTIAL REAL ESTATE CONTRACTS IN HSV
This is a brief summary of real estate contracts. This summary does not cover all aspects of the contract. This post has been made specifically for Real Estate Agents to use as an unofficial educational resource. Nothing in this video or post is intended to convey legal advice or best practices in any field. This post is only intended to give general advice on broad topics relating to contracts and the closing process at large. For legal advice please contact an attorney and for lending advice please contact a lender.
In this blog post we’ll be discussing the basic residential real estate contract for the Huntsville area. Within each section of the contract we will go over things to look out for and ways to best negotiate for your client.
Use the links below to navigate through posts on each section of the contract or to jump directly to the specific section you need. If you’d prefer to watch a video on this topic, you’ll find the entire pre-recorded class below.
Don’t forget to scroll to the bottom of the page to find downloads of both the highlighted contract as well as the color-coded notes sheet.
Contract Sections
Section 1-2: Identifying Parties in Your Contract & Entering a Complete Address
Section 3-6: Purchase Price, Earnest Money, Loan Amount & Balance
Section 7: Settlement Charges
Section 8: Settlement Charges – Seller
Section 9: Surveys
Section 10: Conveyance
Section 11: Title Insurance
Section 12: Closing & Possession
Section 13-15: Agency Disclosure, Condition of the Property & Lead-Based Paint
Section 16: Termites
Section 17-18: Additional Inspections & Final Inspections
Section 19-22: Disclaimers, Financing, Prorations & Risk of Loss
Section 23: Fixtures
Section 24-27: Seller Warranties, Defaults, Trust Accounts & Arbitration
Section 28-31: Terminology, Electronic Signature Provision, Entire Agreement Provision & CD/Settlement Statement
Section 32: Additional Provisions
Section 33: Signatures
Click below to download the documents for this class
Sample Real Estate Contract (highlighted)
Corresponding Notes
Sheet
Need more help with your contract? Call us at 256-533-5252.
By: Geoffrey K. Middleton
Attorney at Law
Huntsville, Alabama
Written in Jul 2020
