real estate

What is a contract?

 

What is a contract?

The Bankrate.com financial term of the day is: "Contract"

A contract is a real estate deal put down on paper. It's a legal document laying out: all the offers and counteroffers; a description of the property and what's included in the sale; the agreed-to sale price; closing costs; and the closing date. When a buyer and seller come to an agreement and sign the document, the property is said to be "under contract."

The completion of a home sale needs much more than just a handshake. The contract makes the transaction legal and binding, as they say.

To shop for the perfect home loan, visit the Mortgage section at Bankrate.com.

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