Min. Requirements Of a Real Estate Contract

Question 1

What are the minimum requirements for a purchase contract?

Answer 1

• name of seller & buyer
• legality of object
• in writing
• competent parties
• an adequate description(address/tax map key)
• the consideration (purchase price)
• signature of party in charge (best to get sig. Of all tenancies/spouse involved
• mutual agreement

Neither earnest money nor acknowledgement of acceptance is required