What exactly is involved in a Maryland real estate contract?
Here’s a breakdown of what most Maryland real estate contracts contain, although the exact structure might vary based on your location.
What is a Maryland Real Estate Contract: A legal description of the property as well as the street address.
How much is the Maryland real estate listing for: The selling price.
Maryland Real Estate Mortgage contingency: Subject to obtaining a mortgage (if applicable) and the specifics of the mortgage–amount, rate
and term. Application to be made in X number of days.
Maryland Real Estate Deposit: How much money accompanies the contract and who will hold it.
Closing on your Maryland Home: When and where.
Inclusions and exclusions: What is and is not included in the sale of the property.
Maryland real estate inspection: Contingency for and to be done in X number of days.
Warranties: Any that are included with the house and description of the warranty.
Condominium: If the property is a condo, other provisions will apply.
Well and Septic: If applicable, they must be tested (and pass).
Termite and Pest inspection: Who will pay and if there is infestation or damage, who will repair.
Maryland Real Estate Possession Date: When the buyers take possession of the house–before, at or after closing.
Acceptance: How long the sellers have to respond to the offer with either acceptance or a counter-offer.
Arbitration: Any provisions for arbitration of disputes.
Maryland Real Estate Insurance: Whose insurance covers the property up until the closing date.
Property Disclosures: Notices of any property disclosures concerning the house.
Information About Maryland Real Estate Contract of Sale
For more information about Maryland real estate, contact Brien Berard today.