Identification of Personal Property: For residential contracts, this typically includes range, stove, window treatments, refrigerator, etc. For commercial contracts, the property listed includes inventory, office equipment, or manufacturing equipment. 

 

Purchase Price: The contract needs to establish the purchase price of the property, or state a reasonably ascertainable figure.

 

Closing Date: The timeframe of the title transfer and exchange of money.

 

Signatures: To be enforced, the parties involved must sign a contract. The signee must be of sound mind and legal age. For a business entity, an authorized person needs to sign on behalf of the company. 

 

Loutos Law is here to guide you through the legal requirements of real estate contract law and ensure the transaction is in your best interest.