Real Estate

• Sales Contracts
• Deeds
• Property Security Interests
• Eviction

A contract for the sale of real estate is an agreement that binds the purchaser to buy and the seller to sell the subject property in accordance with the terms of the contract. The contract must be in writing. The formation of the contract passes equitable title to the purchaser subject to the terms of the contract.

Although a sale and an exchange of property are technically different, a ``sale'' in its broadest sense includes any transfer of property from one person to another for a valuable consideration. A valid contract for sale is distinguished from an offer to sell in that the former is a binding obligation on all parties. Similarly, it differs from an option to purchase property because it binds both parties, i.e., one party is obligated to sell and the other party is obligated to buy. The management of litigation involving a real estate contract frequently depends on whether the contract is one for the sale of real estate or another type of contract granting one party a right to acquire real estate, such as an option contract or an executory contract or contract for deed.

Typically, a contract for sale is designed to bind the parties until closing, i.e., consummation of the contract by delivery of the deed and related documents. Usually, this intervening period is short. It is intended to allow the parties time to arrange financing and investigate title.