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What Is Agreement to Sell Real Estate

Agreement to Sell Real Estate: A Comprehensive Guide

An agreement to sell is a legal document that establishes the terms and conditions of the sale between a seller and a buyer. In the case of real estate, it is the document that outlines the agreement between the seller and the buyer for the sale or purchase of a property. It is a crucial legal document that needs to be drafted with utmost care and attention to detail.

The agreement to sell real estate should contain the following essential details:

1. Details about the parties involved: The agreement should include the names, addresses, and contact details of both the buyer and seller. It should also include the details of any legal representatives involved in the transaction.

2. Description of the property: The agreement should include a detailed description of the property, including its location, boundaries, and size. It should also contain the property identification number, if applicable.

3. Price and payment terms: The agreement should clearly state the price of the property, the payment terms, and the mode of payment. It should also mention the date by which the payment needs to be made.

4. Deposits: The agreement should specify the amount of the deposit to be made by the buyer and the condition under which it will be returned.

5. Conditions of the sale: The agreement should cover any conditions that need to be fulfilled before the sale is completed, such as obtaining necessary permissions from local authorities, payment of outstanding dues, etc.

6. Date of transfer: The agreement should include the date of transfer of the property from the seller to the buyer.

7. Dispute resolution: The agreement should include a clause for dispute resolution, in case any dispute arises between the parties involved.

An agreement to sell real estate is a legally binding document and should be handled with utmost care. It is advisable to seek legal advice before signing the agreement to ensure that there are no legal loopholes.

In conclusion, an agreement to sell real estate is a vital document that establishes the terms and conditions of the sale between a seller and a buyer. It is crucial to ensure that the agreement is drafted with utmost care and attention to detail. With the help of a legal professional, both parties can enter into the transaction with the confidence that they are protected by the law.

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