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Real Estate Terms Agreement

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REAL ESTATE TERMS AGREEMENT

Effective Date and Parties

Effective Date:

Property Identification

Purchase Terms

Purchase Price: $     Earnest Money: $

Earnest Money Due By:

Buyer to obtain financing as described below within days.

Appraisal Contingency:    Inspection Period:    Inspection Deadline:

Closing Date:    Possession Date:

Fixtures, Inclusions & Exclusions

Prorations and Closing Costs

Property taxes, rents, utilities, and other customary prorations shall be apportioned as of the Closing Date. Seller shall be responsible for:

Title insurance premium (owner's policy)    Transfer taxes

Buyer shall be responsible for:

Recording fees and lender-required charges    Loan origination charges

Inspections, Disclosures and Environmental Matters

Lead-Based Paint: Yes No

Mold or Water Intrusion: Yes No

Prior Material Damage or Repairs: Yes No

Default, Remedies & Risk of Loss

In the event of a material default by Buyer or Seller, the non-defaulting party shall be entitled to exercise all remedies available at law or in equity, including specific performance, liquidated damages (if agreed), and recovery of reasonable attorneys' fees and costs incurred to enforce this Agreement. Risk of loss to the Property shall remain with Seller until Closing, except as otherwise agreed in writing.

Representations and Warranties

Seller represents that Seller has good and marketable title to the Property, and that no known facts exist that would materially impair transfer. Buyer represents that Buyer has the authority and financial capacity to perform under this Agreement, subject to any financing contingencies expressly stated herein.

Notices

Governing Law; Entire Agreement

This Agreement shall be governed by and construed in accordance with the laws of the State of . This Agreement, together with any written addenda, constitutes the entire agreement between the parties and supersedes all prior negotiations, representations, or agreements, whether written or oral.

Miscellaneous

Time is of the essence with respect to all dates in this Agreement. Any amendment or modification must be in writing and signed by both parties. If any provision is held invalid, the remaining provisions remain enforceable.

Seller (Print Name):

By:

Date:

Buyer (Print Name):

By:

Date:

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What a Real Estate Terms Agreement Covers

A Real Estate Terms Agreement sets out the basic commercial terms between parties before a formal purchase, lease, or service contract is drafted. It typically covers parties' names, property description, price or rent, deposit and payment terms, contingencies, key dates, allocation of closing costs, and allocation of responsibilities such as inspections or repairs. The agreement can be used as a binding contract or as a nonbinding memorandum of negotiated terms, depending on language chosen and whether signatures create enforceable obligations under ESIGN/UETA.

Why this agreement matters for transactions

A clear Real Estate Terms Agreement reduces ambiguity at closing and documents the parties’ mutual expectations on price, timing, and conditions.

Why this agreement matters for transactions

Who typically prepares and signs this document

Parties should confirm signatory authority and consider counsel review for complex terms or significant liabilities.

  • Brokerage teams and agents coordinating offers and seller counteroffers during transaction negotiation.
  • Buyers and investors documenting agreed price, deposit, and inspection contingencies before drafting the purchase contract.
  • Property managers and landlords establishing lease economics and tenant responsibilities prior to lease execution.

Essential sections to include in a professional agreement

Include clearly labeled sections to make the document usable for counsel, lenders, and title officers during contract drafting and closing.

Parties

Full legal names and entity types for each party, with authorized signatory details and contact information for notices and service.

Property Description

A precise description including street address, legal description or parcel number, and any included fixtures, easements, or exclusions.

Price & Consideration

Purchase price, deposit amount and hold terms, financing contingencies, and allocation of closing costs and prorations.

Contingencies

Inspection, financing, title approval, and survey contingencies with clear cure periods and termination rights for unmet conditions.

Key Dates

Effective date, inspection deadlines, financing/commitment dates, closing date range, and any extension mechanics.

Signatures

Signature blocks for all parties, dates, and a statement whether the agreement is binding or nonbinding pending definitive documentation.

Information you must collect from each party

Legal name: Exactly as on government ID
Entity type: Individual, LLC, corporation, trust
Mailing address: Street, city, state, ZIP
Contact email: Used for service and eSignature
Tax ID: SSN or EIN for 1099/withholding
Authorized signer: Name and title for corporate signers

Step-by-step: completing a Real Estate Terms Agreement

Follow a short, ordered workflow to reduce errors and ensure enforceability.

  • 01
    Draft terms: Record price, deposit, contingencies, and key dates clearly.
  • 02
    Verify parties: Confirm legal names and authorized signers before sending for signature.
  • 03
    Choose execution: Decide whether the document is binding or a nonbinding memorandum.
  • 04
    Sign and save: Collect signatures, notarizations if required, and preserve an audit trail.

Typical routing and fulfillment process

A predictable routing sequence helps each participant know when to act and what to deliver next.

  • Prepare document: Draft terms and attach exhibits such as legal description or payment schedule.
  • Place fields: Add signature, date, initials, and conditional fields for contingencies or deposit releases.
  • Send to signers: Distribute via email or secure link; specify signer order if needed.
  • Finalize record: Capture signed PDF and audit trail; distribute executed copies to all parties.

Configuring the digital signing workflow

Set up authentication, field logic, and routing to match the agreement’s risk profile and signatory roles.

Field Configuration
Signer order Sequential or parallel signing set by role
Authentication Email link, SMS code, or KBA where required
Conditional fields Show or hide fields based on responses
Audit trail Retain timestamps, IP, and action log

Delivery options and technical requirements

Ensure the selected platform meets HIPAA or other industry compliance needs, offers reliable audit trails, and stores signed records securely.

  • Integrations: CRM and storage integrations speed routing
  • File formats: PDF, DOCX, and image formats supported
  • Authentication: SMS, email, or stronger methods available

Common deadlines and timing expectations

Real Estate Terms Agreements often reference critical calendar dates; set clear short deadlines to avoid missed contingencies.

Effective date:

Date the agreement takes effect; use MM/DD/YYYY format

Inspection deadline:

Specify number of days after effective date for inspections

Financing confirmation:

Set lender commitment deadline to protect buyer rights

Closing window:

Give a firm closing date or a defined range

Delivery of W-9:

Provide W-9 upon payer request; no fixed deadline

Frequent errors to avoid when preparing the agreement

  • Using imprecise property descriptions that delay title searches and can require amendment at closing.
  • Failing to state whether the terms are binding or nonbinding, creating post-signature disputes over enforceability.
  • Mismatched party names or unsigned signature blocks that cause lenders or title companies to reject the document.
  • Missing contingency timelines or cure periods that inadvertently shorten rights to terminate or extend the closing date.

Key legal and financial risks of errors

Recording delay: Loss of priority
Title objections: Unexpected costs and delays
1099 penalties: Up to $330/form (IRC §6721)
I-9 violations: $281–$2,789 per violation
Fraud exposure: Potential civil liability
Invalid signature: Enforceability dispute

How to download, archive, and export signed agreements

Preserve signed records in multiple formats and locations to satisfy closing agents, lenders, and audit requirements.

PDF/A Export

Export a PDF/A copy of the executed agreement to ensure long-term readability and embed the audit trail and signature metadata where supported.

Native DOCX

Keep an editable DOCX copy for redlines and future amendments, but archive signed PDFs as the authoritative record.

Cloud Storage

Store signed records in secure cloud repositories with versioning and access controls to meet audit and discovery needs.

Audit Package

Save the full audit package — timestamps, IP addresses, signer emails, and certificate-of-completion — alongside the signed document.

Representative eSignature pricing and capability comparison

Compare basic annual pricing and common capability differences among popular eSignature providers; signNow is listed first per vendor ordering rules.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial Yes, 7-day trial Varies Varies Varies Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Frequently asked questions about signing and using the agreement

Answers to common execution, enforceability, and technical questions when using a Real Estate Terms Agreement.


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