Real Estate Word of the Day: Contract
A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of a transaction. In the context of real estate, contracts serve as a safeguard for both buyers and sellers, clearly defining their rights, responsibilities, and obligations throughout the transaction process. A well-drafted contract minimizes ambiguity, reduces the likelihood of disputes, and provides a framework for a successful property transfer.
Contracts are the foundation of trust and transparency in real estate transactions. Whether you're a buyer or a seller, understanding the nuances of contracts and the significance of being "under contract" is essential for a successful and stress-free property transaction.
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