Buying a home is an exciting time! There is a lot of fun that comes with house hunting, and once your home purchase is complete, you will have a new home to move into and decorate! Once you find the great new home you want to place an offer on, you’ll have some documents to sign to make your offer and eventual purchase official. As a home buyer or seller, you will likely come across one or both common types of real estate contracts I’ve outlined below.
2 Common Types of Real Estate Contracts
- Purchase Agreement
- Lease Agreement
Purchase Agreement
The purchase agreement is a real estate contract that is the most vital contract you will be working with during your home purchase or sale. It will incorporate all the necessary steps of the buying and selling process, from submitting an offer to purchase a home, to the close of the home purchase and sale.
The purchase agreement will include the offer price, important dates to follow (especially related to any contingencies), details about who is buying and selling the home, the particulars of what is being sold (and bought), and specifics about inspections, financing, title, and such.
Lease Agreement
While a lease agreement is often used as an agreement between a tenant and a landlord, it can also be part of a real estate purchase and sale. For example, if you’re purchasing a home and the seller needs to stay past the closing date, you can use a lease agreement to cover the period of time they will be occupying the home beyond closing day. Everything from the timeline to rent to utility payments can be covered in this document.
Need Help Understanding your Real Estate Contract?
Your real estate agent is an excellent resource for understanding all parts of a purchase or lease agreement. Agents have been trained and tested on contracts, and they are forms that agents work with day in and day out. Agents can recommend how to address and incorporate specific requests into a real estate contract, and make adjustments to your contracts as negotiations occur. While every home purchase or sale is similar because of laws and standards, they are also all individually different and will need to have those considerations addressed by a professional.
Working With An Experienced Memphis Area Real Estate Agent
When it’s time to sell your existing home or buy a great new place, turn to a highly regarded and well-informed local real estate agent. You want someone that you can trust to give you the best advice and know-how for your new home purchase or sale. Check out my other great articles to help you through your home selling and buying experience here in Memphis. Staging homes for sale is also part of my expertise. Please ask me about it when you reach out.
Take a minute to learn more about me. With over 15 years of top-notch service for my clients, I can guide you with your house sale, new home purchase, or buying a great parcel of land. As a top, licensed real estate agent in the Memphis area, showing you the best properties for you and your family is my goal!
Contact me at (901) 828-8919 or drop me a quick note at angie@angiekelley.com and we can speak in person about your plans and options. Ask me about seeing homes for sale by video or virtual tour and find the best place for you!
Angie Kelley, Crye-Leike Realtors
(901) 828-8919 or (901) 756-8900
