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Real Estate Under Contract

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REAL ESTATE UNDER CONTRACT

Recitals

This Purchase and Sale Contract (the "Contract") is entered into between the parties identified below. Seller agrees to sell and Buyer agrees to purchase the Property on the terms and conditions set forth herein. The parties agree that this Contract becomes binding on the Effective Date defined below.

Property Identification

Parties

Purchase Terms

Purchase Price: $ payable as follows: earnest money in the amount of $ to be delivered to by . Earnest money shall be applied to the Purchase Price at closing in accordance with escrow instructions.

Financing Contingency: Buyer may terminate if Buyer fails to obtain financing within days of the Effective Date. If checked, Buyer shall provide written notice to Seller and deliver lender's commitment as proof of denial or approval.

Inspection Contingency: Buyer shall have days from the Effective Date to conduct inspections and investigations. Buyer may deliver written objections to Seller within that period. Seller shall have days to accept or cure material objections. If Seller elects not to cure, Buyer may terminate and receive return of earnest money.

Closing and Possession

Closing shall occur on or before at the following location:

Possession shall be delivered to Buyer on . Seller shall remove personal property not conveyed prior to possession and deliver the Property broom-clean and free of debris.

Prorations, Closing Costs, and Title

Property taxes, rents, utilities and other customary items shall be prorated as of the Closing Date. Buyer shall pay recording fees and escrow fees unless otherwise agreed.

Seller shall convey marketable title by general warranty deed (or other instrument agreed by the parties), subject only to permitted exceptions. Title shall be free of liens and encumbrances except as expressly stated in this Contract.

Representations and Disclosures

Seller represents that Seller is the lawful owner of the Property and has authority to sell. Seller shall deliver to Buyer, at or before close of escrow, all required written disclosures regarding material defects known to Seller.

Lead-Based Paint Disclosure: Yes No

Mold or Water Intrusion Known: Yes No

Property Located in Flood Zone: Yes No

Risk of Loss; Condition of Property

Risk of loss or damage to the Property shall remain with Seller until Delivery of Possession, except for casualty loss prior to Closing. If material damage occurs prior to Closing, Seller shall have the option to repair or Buyer may elect to terminate and receive return of earnest money, subject to applicable insurance proceeds allocation.

Buyer acknowledges that Buyer has had the opportunity to inspect the Property and accepts it in its present condition except as expressly provided in this Contract. Seller makes no warranty as to future marketability beyond the representations herein.

Default and Remedies

If Buyer defaults, Seller may retain earnest money as liquidated damages or pursue specific performance or other remedies at law or equity. If Seller defaults, Buyer may seek specific performance, damages, or return of earnest money. The non-breaching party shall provide written notice and a cure period of days prior to pursuing remedies unless otherwise required by law.

Notices

All notices required or permitted under this Contract shall be in writing and delivered to the addresses below by personal delivery, nationally recognized overnight courier, or certified mail, return receipt requested, and shall be effective upon receipt.

Governing Law; Entire Agreement

This Contract shall be governed by and construed in accordance with the laws of the state of . This Contract, together with executed escrow instructions and any written addenda, constitutes the entire agreement between the parties and supersedes all prior negotiations and agreements. No amendment shall be effective unless in writing and signed by both parties.

Miscellaneous

Time is of the essence with respect to all dates and deadlines in this Contract. If any provision is held invalid, the remaining provisions shall remain in full force. All representations and warranties survive Closing as specified in this Contract.

Seller Printed Name:

By:

Date:

Buyer Printed Name:

By:

Date:

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What a Real Estate Under Contract Document Is

A Real Estate Under Contract is a legally binding purchase agreement that records the buyer and seller’s mutual acceptance of contract terms for a specific property. It sets the purchase price, deposit (earnest money), contingencies (inspection, financing, title), closing date, and possession terms. The contract creates enforceable obligations subject to state contract law and federal statutes where applicable. Parties commonly execute this document before title transfer and recording; counsel and title companies often review it to confirm enforceability and to clear conditions required for closing.

Why a Clear Contract Matters for Property Transactions

A concise, complete contract clarifies obligations, reduces dispute risk, and creates predictable timelines for inspections, financing, and closing.

Why a Clear Contract Matters for Property Transactions

Who Typically Prepares and Signs an Under-Contract Agreement

Real estate brokers, buyers, sellers, closing attorneys, title agents, and lenders all interact with this contract during the transaction lifecycle.

  • Buyers and buyer agents — prepare offer terms, deposit instructions, and contingency deadlines.
  • Sellers and listing agents — confirm disclosures, acceptance language, and possession timing.
  • Title companies and closing attorneys — verify title, liens, and recording requirements before closing.

Each party’s role affects which fields they complete and which documents accompany the contract at closing.

Essential Elements Found in a Professional Under-Contract Form

A professional contract organizes critical data so each party understands obligations, deadlines, and remedies. Use clear headings, defined contingencies, and signature blocks for all parties.

Parties

Full legal names and entity types for buyer(s) and seller(s), including contact information and mailing addresses for notices.

Property

Complete legal description and street address. Include parcel number when available to avoid ambiguity in title and recording.

Price & Deposit

Purchase price, earnest money amount, payment method, escrow instructions, and release/forfeiture conditions for the deposit.

Contingencies

Inspection, financing, appraisal, and title contingencies with specific cure periods and procedures for written notices or objections.

Closing & Possession

Closing date, location, who pays closing costs, prorations, and possession timing (immediate, at funding, or later).

Signatures

Signature lines with printed names, dates, and authority statement for signing entities; include witness or notary blocks when required.

Step-by-Step: How to Complete a Real Estate Under Contract

Follow these sequential steps to prepare an enforceable agreement and move the transaction toward closing.

  • 01
    Draft Offer: Enter buyer, seller, property, price, and deposit details in clear, unambiguous language.
  • 02
    Set Contingencies: Specify inspection, financing, appraisal, title deadlines, and cure periods in exact calendar dates.
  • 03
    Review Disclosures: Attach required seller disclosures and ensure all statutory forms are completed and signed.
  • 04
    Execute & Distribute: Have all parties sign; deliver copies to title company, lender, and escrow agent immediately.

How Contract Execution and Exchange Typically Flow

A clear routing plan reduces signer friction and centralizes review of contingencies and closing tasks.

  • Prepare Document: Agent or attorney uploads contract and attachments for signature and review.
  • Request Signatures: Send to signers in defined signing order with deadline reminders.
  • Confirm Receipt: Title and lender receive executed copies and begin clearing title and financing conditions.
  • Close: Funds and signed deed exchanged; recording completed and possession transferred as agreed.

Configuring an Online Contract Workflow for Real Estate

Use these settings to reduce manual steps and preserve an auditable signing history when sending the contract electronically.

Field Configuration
Authentication Email link default; SMS code or ID verification for stronger signer identity.
Conditional Fields Show financing or lease-addendum fields only when relevant to streamline the form.
Bulk Send Use only when distributing identical forms to many recipients; requires specific plan enablement.
API / Integrations Connect to title systems, CRM, or document storage for automatic routing and archival.

Delivery Methods and File Formats for Contract Exchange

Contracts circulate through email, secure links, or integrated platforms; choose the channel that preserves an audit trail.

  • Supported Formats: PDF, Word DOCX, and reusable templates
  • Integrations: Salesforce, NetSuite, Microsoft 365, Google Workspace
  • Authentication: Email link, SMS code, or advanced credentialing

Use a secure platform that logs timestamps, IP addresses, and signer actions to support enforceability and title clearance.

Comparing eSignature Vendors for Real Estate Transactions

This vendor comparison highlights entry price points and common feature differences relevant to contract signing and escrow workflows.

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 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No cap 100 envelopes/user/yr Varies Varies Varies

Key Security and Compliance Features to Preserve Contract Integrity

In Transit: TLS 1.2/1.3 encryption
At Rest: AES-256 encryption
Certifications: SOC 2 Type II, ISO 27001
HIPAA: BAA available for PHI workflows
Audit Trail: Timestamped logs and IP addresses
Authentication: Email, SMS, and advanced options

Main Legal Risks and Penalties to Watch For

Earnest Money: Forfeiture risk on breach
Contingency Miss: Loss of contingency protections
Title Defects: Liability for undisclosed liens
1099 Penalties: IRS penalties (IRC §6721)
Recording Errors: Delayed or rejected records
Breach Damages: Specific performance or monetary damages

Common Preparation Errors That Delay Closing

  • Missing or inconsistent party names across documents, causing title rejections and verification delays.
  • Unclear or unsigned contingency deadlines that create disputes over cure periods and deposit entitlement.
  • Failure to attach required statutory disclosures or seller forms before execution, requiring corrective addenda.
  • Using nonstandard language for earnest money release or repair credits that leads to escrow disputes.

Typical Contract Deadlines to Track

Track these dates precisely; ambiguous deadlines are a leading cause of disputed deposits and delayed closings.

Inspection Deadline:

Typically 7–14 days after acceptance to complete inspections and submit repairs

Financing Contingency:

Commonly 21–30 days to obtain loan approval or remove the contingency

Title Objection Deadline:

Date by which buyer must object to title issues before closing

Closing Date:

Agreed date for funding, deed delivery, and recording

Recording Deadline:

County recording can occur same day; verify local processing times

Key Transaction Milestones from Offer to Recorded Deed

Numbered milestones show the typical sequence a transaction follows from execution through post-closing recording.

01

Offer Accepted

Contract effective date established and earnest money delivered or scheduled

02

Under Contract

Contingency periods begin; inspections and lender underwriting proceed

03

Conditions Cleared

Buyer removes contingencies and heading toward final approval

04

Closing & Recordation

Funds exchanged, deed signed, and county records updated

How Others Use Online Signing for Real Estate Contracts

Real users report faster execution and simpler distribution when contracts and disclosures move through secure eSignature workflows.

Martin Properties

Tim Martin, Founder, used online signing to process documents entirely remotely

  • Faster execution and fewer in-person meetings
  • He reported full compliance with security standards and improved turnaround on closings without extra travel.

Optica Ventures LLC

Brian Fitzgibbons, COO, streamlined customer signing with a simple interface

  • Documents returned more quickly
  • The team found external clients could sign without training, reducing delays in contract acceptance and funding.

Practical Tips for Accurate and Efficient Contract Completion

Apply these checks before sending the contract for signature to lower rejection risk and accelerate closing.

Verify Names and Entities
Confirm buyer and seller names match title and identification documents; errors lead to recording rejections and may require corrective deeds.
Spell Out Deadlines Clearly
Use explicit MM/DD/YYYY dates and state how business days are counted to avoid disputes over contingency times.
Attach Required Disclosures
Include all seller disclosures and statutory forms at execution to prevent later rescission or cure negotiations.
Keep an Audit Trail
Preserve signed copies, timestamps, and signer authentication records to support enforceability and title clearance.

How to Download, Save, and Archive the Executed Contract

Maintain multiple secure copies in formats suitable for title, tax, and audit requirements and ensure long-term accessibility.

PDF/A Export

Save a PDF/A copy for long-term archival; ensures fixed layout and printable fidelity for title and record-keeping.

Native DOCX

Keep a native DOCX editable version for closing adjustments, redlines, and further amendments before deed preparation.

Audit Report

Export the signing audit trail, including timestamps, IPs, and authentication events for future verification.

Secure Storage

Store signed copies in encrypted cloud or enterprise content management with restricted access and retention policies.

Frequently Asked Questions About Real Estate Under Contract

Answers address common points of confusion about electronic signing, notarization, deadlines, and contract revisions.


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