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.

advertisement

          Connect with us
advertisement
advertisement

Blog

Stephen Pounds

World’s costliest home on market at $1.1B

For a cool $1.1 billion, you can own Villa Les Cedres (the cedars) in the billionaires' holiday town of Saint-Jean-Cap-Ferrat, near the city of Nice.  ... Read more

advertisement

Connect with us