Writing a Real Estate Contract

Writing a real estate contract can be intimidating when you're selling your own home. Drafting an agreement between you and the buyer need not be that daunting, the real estate terms glossary page brings you up to speed on real estate lingo.

Bring in the Big Guns

You are saving a lot of money selling your home without an agent. Be smart.

Unless you or your spouse is a real estate attorney, spend some of that money on a good real estate lawyer. Bring the lawyer in early, discuss anticipated issues, and ask him or her to help you draft the Real Estate Contract or Agreement, give advice throughout the negotiations and finally close the deal.

Prepare a draft containing all the terms you and the buyer have discussed and run it by your lawyer in advance. If the agreement has been pre-screened, and as long as neither party makes any significant changes, both sides should be comfortable signing the document. For further protection, when signing the prepared Agreement, make it conditional upon satisfactory review by both party's lawyers.

By bringing your lawyer in early, you will be far ahead of anyone relying exclusively on a real estate agent. Lawyers know what will make a deal succeed or fail; they have the training and the drafting skills. Most importantly they are not guided by the self-serving interest of receiving a sales commission.

You Make the Deal

When you work with your lawyer when negotiating a real estate contract you will be in charge, you make the deal, not an agent. Your lawyer is your best defence against getting blind-sided along the way.

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