Section 3.19 Checklist for Sale Contract

• Library: Real Estate Fundamentals 2011 Forms

In preparation of a sale contract, the following are basic considerations and may be used as a checklist:

Name and designation of parties
Address of the parties
Description of property to be sold or transferred. If the property is to be subdivided, will it comply with local subdivision ordinances or regulations
Is property improved? If so, what appurtenances are included in the sale
Is any personal property to be included in the sale? If so, is it to be delivered free from liens?
Is property subject to any restrictions, liens, or exceptions to title?
Is survey required? If so, who is responsible for ordering it and who will pay the cost?
Amount of earnest money.
Where earnest money will be deposited and its disposition in the event of default or termination of the contract.
Consideration and method of payment.
Is a part purchase money note and deed of trust part of the consideration?

Ø Amount of note.

Ø Interest rate.

Ø When interest is payable.

Ø When principal is payable.

Ø Is there to be an acceleration clause or “due-on-sale clause”? If so, is it with or without

...