Alabama Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is an Alabama Real Estate Contract?

An Alabama real estate contract is a legally binding contract entered into by a buyer and seller for the sale of real property. Real estate contracts must be in writing, and they must be signed by both parties to be legally enforceable.

Common Alabama Real Estate Contracts

There are several types of real estate contracts that are used in Alabama. The three most common include:

  • Purchase agreement. The most common type of real estate contract that lays out the terms and conditions for the transfer of property between a buyer and a seller.
  • Real estate assignment contract. Used as a wholesaling investment strategy and allows the buyer to assign the contract to a second buyer.
  • Lease agreement. Real estate contract, sometimes called a rental contract, between a landlord and a tenant for use of the property.

4 Essential Elements of an Alabama Real Estate Contract

Four essential elements that make a real estate contract legally enforceable under Alabama property laws include:

  1. Property description. The address and legal description of the property.
  2. Price and terms. The offered price accepted by the seller and terms like required deposits.
  3. Closing date and costs. The date the sale will be finalized, and which party is responsible for closing costs.
  4. Required disclosures. Facts known by the seller that could adversely affect the value of the property. In Alabama, sellers must fill out a property disclosure statement and a lead-based paint disclosure.

Can a Seller Back Out of a Real Estate Contract in Alabama?

A seller in Alabama can only back out of a real estate contract if the buyer’s contingencies are not met or if the buyer breaches the agreement. For example, if a buyer fails to have the home inspection completed before a predetermined date or fails to secure financing, the seller may have grounds to back out of the deal.

Frequently Asked Questions

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