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Step 8:  Understand Purchase Contracts

Once you have found a home you like, you must negotiate with the seller to buy it. By law, all real estate contracts must be negotiated in writing.  Therefore, in order to ask a seller to sell a property, a buyer must submit a written offer.  This offer is called a purchase contract.

Purchase contracts vary by locale, but they usually contain similar elements. Some are much longer than others.  The contract is divided up into different parts or sections each dealing with a particular aspect of the offer.  The document below discusses elements that are common to most contracts.


Contracts
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