The options for the use of Real Estate Property for leisure or for business are endless. Real Estate options offer a low-cost method to trade, invest, and profit from the investments made on a property. Some property owners decide to utilize the space for their own private use, while others opt to turn the investment into a profit by putting it on lease or reselling the property.
House Agreement Forms are utilized when a property owner decides to put a property up for lease. This type of document is called a House Lease Agreement. A House Purchase Agreement, on the other hand, is a contract utilized by the buyer or the seller of a property when the property owner puts up the property for sale and the buyer makes an offer to purchase it.
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Home Purchase Agreement
A Home Purchase Agreement is used when you are ready to sell your property to an interested buyer and would like to make a specific outline of the terms, or if you would like to purchase a property and wish to set guidelines with the seller. This type of agreement requires the use of House Agreement Forms.
A Home Purchase Agreement can differ in a lot of ways, depending on the complexity of its contents; however, the basic contents of a Home Purchase Agreement are as follows:
Names of all Involved Parties
As with all other contracts and agreement documents, a Home Purchase Agreement should contain the names of the parties involved regardless if it is a corporate entity or a Limited Liability Company (LLC.)
Dates and Duration
All dates involved in the agreement should be specified in the contract, such as the expiration date and the start date of the agreement.
A Home Property Agreement should contain a legal description of the property. Generally, a legal description of a property can only be provided by a licensed surveyor who is trained and authorized to locate and determine the legal description of any property, such as the county and the state where the property is located.
Offering Price of the Property and Financial Terms
The buyer’s offering price, as well as the mode of payment or schedules of payment if it is to be made in installments, should be clearly specified in the contract.
If a seller and a buyer have agreed that the seller will pay a part or all of the closing costs, then this must be indicated in the agreement. Closing costs are expenses that are over and above the price of the property. Examples of closing costs are origination fees and private mortgage insurance.
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Home Lease Agreement
A Home Lease Agreement is a contract between a landlord and a tenant. Once a landlord decides to accept an applicant for tenancy after thorough screening and verification, a House Lease Agreement Form is whipped up to formalize the negotiations made between both parties and to set proper expectations, as well as terms and conditions, for both the landlord and, for the most part, the renter. Below is a list of the basic items that need to be indicated in a Home Lease Agreement:
- the names of both the lessor and the lessee
- the complete or specific address of the home being leased
- the landlord’s service address
- the amount of rent due
- the mode of payment
- the schedule of payment – whether it’s monthly, quarterly, or annually,
- the length of the tenancy
- specific terms and conditions
- specific obligations and responsibilities
- house rules
- a forfeiture clause
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