When writing a real estate contract in California, you need to record the terms and conditions of a property sale. The contract is an official understanding between both the buyer and seller about the purchase price and terms of the transaction.
Basic elements of a real estate contract include:
- Seller. Individual(s) with property to sell
- Buyer. Individual(s) wanting to purchase seller’s property
- Property. Address of the property
- Purchase price. Amount buyer will pay to own the property
- Payment. How and when the transaction between the buyer and seller will take place
The information for this answer was found on our California Real Estate Purchase Agreement answers.