SIX MUST-HAVE ELEMENTS TO YOUR CONTRACT.

If Your Real Estate Contract Does Not Have
These Six Important Features, It Is Probably Not Worth the Paper its Written On.

1. There must be a meeting of the minds: an unqualified acceptance of the offer so that the seller clearly understands the terms of the buyer’s offer and the buyer clearly understands the performance required and the timing of the obligations.

2. The contract must be in writing – except for leases of one year or less.

3. There must be consideration – such as money or a promise to pay money.

4. There must be at least two competent parties as to a buyer and seller.

5. There must be names and signatures of all parties on the contract.

6. There must be an exact address of the property on the contract.