The Contract Of Sale
Description of the Contract of Sale for real estate in Germantown, Maryland.
What do the terms mean and what is the process?
The Contract Of Sale
For Real Estate in Germantown, Maryland
Description of the Contract of Sale for real estate in Germantown, Maryland. What do the terms mean and what is the process. The different parts of a Contract of Sale for Maryland Real Estate may appear to be difficult to understand to some home buyers, particularly first time home buyers or home buyers from out of the Maryland or Montgomery County real estate area.
Below are the primary parts of a Maryland Contract of Sale. Most counties will require local an addendum describing the local disclosures.
Some parts have been deleted for space, but the important components are included for your review. If you have any question, contact us and we can help. If you are already working with an agent, please contact your agent.
Before you can take title this
You must have this - A Contract of Sale
COMPONENTS TO A RESIDENTIAL CONTRACT OF SALE IN MARYLAND
Your Homefinders.com agent will explain the contract to you in detail. Read it carefully because this
is the document that controls the rights and responsibilities of Buyers and Sellers.
BUYER'S BROKER AND AGENTS INVOLVED IN THE CONTRACTIN COOPERATION WITH SELLER'S BROKER AND AGENT INVOLVED IN THE CONTRACT.
TIME IS OF THE ESSENCE.
DATE OF OFFER
SELLER
BUYER
PROPERTY DESCRIPTION
PURCHASE PRICE
SETTLEMENT
ESTATE
SETTLEMENT COSTS.
9. TRANSFER CHARGES
10. ADJUSTMENTS
11. TERMITE INSPECTIONi
12. CONDITION OF PROPERTY AND POSSESSION
13. SALE/SETTLEMENT OR LEASE OF OTHER REAL ESTATE
14. BUYER RESPONSIBILITY
15. SELLER RESPONSIBILITY
16. DEFAULT
17. MEDIATION OF DISPUTES
18. PAYMENT TERMS
19. FINANCING
20. FINANCING APPLICATION AND COMMITMENT
21. ALTERNATE FINANCING
22. DEPOSIT(S)
23. CONVENTIONAL LOAN LENDER FEES/CHARGES
24. INCLUSIONS/EXCLUSIONS
25. AGENCY CONFIRMATION
26. BROKER’S FEE
27. BROKER LIABILITY
28. ATTORNEY’S FEES
29. NON-ASSIGNABILITY
30. LEASES
31. PROPERTY INSURANCE
32. NOTICE TO THE PARTIES
33. SINGLE FAMILY RESIDENTIAL REAL PROPERTY DISCLOSURE NOTICE
34. NOTICE TO BUYER CONCERNING THE CHESAPEAKE AND ATLANTIC COASTAL BAYS CRITICAL AREA:
35. DEED AND TITLE
36. WETLANDS NOTICE
37. HOMEOWNER’S ASSOCIATION
38. FOREIGN INVESTMENT TAXES-FIRPTA
39. AGRICULTURALLY ASSESSED PROPERTY
40. INTERNAL REVENUE SERVICE FILING
41. MARYLAND NON-RESIDENT SELLER
42. GUARANTY FUND
43. HOME AND/OR ENVIRONMENTAL INSPECTION, LIMITED WARRANTY
44. LEAD-BASED PAINT HAZARDS
45. FOREST CONSERVATION AND MANAGEMENT PROGRAM
46. FOREST CONSERVATION ACT NOTICE
47. ADDENDA
48. PARAGRAPH HEADINGS
49. ENTIRE AGREEMENT
50. ELECTRONIC DELIVERY
SIGNATURES AND DATES
