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

How do I hire a lawyer to draft a real estate contract in District of Columbia?

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I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

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I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

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Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

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