Binding contracts must be spelled out specifically to be accepted by both parties. Real estate laws in PA and NJ require that there be an offer, an acceptance, something of value being bargained for, and essential terms in the agreement.
Your real estate contract should contain important details, such as the initial offer, counteroffers, acceptance of the offer, terms, and conditions of the sale, responsibilities of both parties, and of course, the price. It should also include the earnest money deposit and detail any appliances included in the property’s sale. Furthermore, the deadline for the offer and the potential closing date need to be indicated.
A contract is considered valid only if the parties signing it meets the legal requirements of the state. In the event of any party bowing out of the agreement, the contract will allow the other party to implement contingencies and conditions before the sale is conducted.
Speak to a real estate property lawyer for any assistance with preparing contracts or understanding stipulations in an existing one!