ABOUT THE CONTRACT OF SALE
MARYLAND RESIDENTIAL CONTRACT OF SALE
The most widely used Contract of Sale in Maryland is ten pages long. So, it is important that you, the Frederick County home buyers understand what's included in the contract because this will be a legal document when accepted.
Some parts of the contract follow:
Following that are most of the terms and conditions that will be negotiated and agreed to by you, the Buyer and the Seller. Others are specific to a property or location and not general in nature. The contract Homefinders.com uses for Frederick County home sales will contact all paragraphs of the approved Maryland Contract of Sale.
- The Contract will identify the Brokers, the Buyer(s) and Seller(s)
- The date written
- The Agency status of the Brokers involved, whether Buyer Agent, Listing Agent or Dual Agent
- Homefinders.com will ALWAYS be the Buyer Agent
- Phone numbers of the brokers along with their identifying broker code
- Location of the Property for Sale
- Name and Address of the Buyer and Seller
- Address of the Property
- Purchase Price
- Date of Settlement
- Type of property being conveyed (fee simple, condo or other)
- Who is responsible for the Settlement Costs
- Who pays Transfer Charges
- Adjustments to utilities, taxes, etc.
- Termite Inspection (provides for inspection by buyer and treatment by seller)
- Condition of Property and Possession (provides for walk-through and operation of mechanicals, electricity, etc.)
- Contingencies
- Buyer Responsibilities
- Seller Responsibilities
- What rights are in case of default of either party
- What rights are in case of dispute
- Payment Terms (Price, down payment, deposit)
- Financing Terms agreed to in Contract of Sale
- Financing Application and Financing Approval deadlines
- Rules about Buyer's deposit
- Lender fees agreed to between buyer and seller
- Conveyances (Inclusions and Exclusions)
- Agency and who represents whom
- Instructions to Title Company to pay real estate broker
- Limit of liability by brokers
- Attorney fees in case of dispute or default
- Assignability of Contract
- Limitations on seller for leasing property
- Limitation of brokers' responsibility
- Residential Real Property Disclosure Notice (Property condition)
- Deed and Title transfer
- Wetlands Notice (if any)
- Homeowner's Association Notice (if any)
- Notice of Guaranty Fund if harmed by a real estate licensee
- Home and/or Environmental Inspection, limited warranty
- Lead Based Paint Hazards
- List of possible addenda to the contract
Relax. Your Homefinders.com buyers agent will go over the entire contract with you.
Frederick County Real Estate
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