District of Columbia Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is a District of Columbia Real Estate Contract?

A real estate contract in the District of Columbia is a contract that is executed between a buyer and seller to transfer ownership of real property. Often called residential purchase agreements or purchase and sale agreements, these contracts are essential for facilitating the purchase of a home.

Common District of Columbia Real Estate Contracts

There are several types of real estate contracts that are used in Washington DC. The most commonly used is the Greater Capital Area Association of Realtors Regional Sales Contract. You may also see the following types of contracts used:

  • Real estate assignment contract. Used when purchasing “distressed properties” as an investment. This real estate contract allows the buyer to assign the contract to a second buyer.
  • Lease agreement. Also called a rental agreement, this contract is used when a property owner wants to rent their property to a tenant.

4 Essential Elements of a District of Columbia Real Estate Contract

In order for a DC real estate contract to be legally binding, it must include the following four essential elements:

  1. A valid offer for the purchase of the house with an acceptance of the offer
  2. Sufficient consideration – often a monetary sum in exchange for the property
  3. Legally competent parties
  4. Legal purpose

Real estate contracts should also include any contingencies that may void the contract and required disclosures that must be provided by the seller.

Who Prepares a Real Estate Contract in District of Columbia?

In Washington DC, a real estate contract is most often prepared by the buyer’s real estate agent. This is because the contract is drafted when a buyer decides to make an offer. Most real estate agent’s utilize Washington DC’s approved Regional Sales Contract. If a real estate agent or buyer want to draft their own contract, they will need the help of a licensed attorney.

Frequently Asked Questions

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