Kansas Real Estate Contract: Different Types and Key Terms to Include
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What is a Kansas Real Estate Contract?
A Kansas real estate contract is a document that is drafted by a buyer when making an offer on a piece of real property that is for sale. If the seller of the property agrees to the offer, the contract will be signed by both parties and the sale can be completed.
A real estate contract must include specific information about the transaction like the purchase price, property description, contingencies that must be met before the sale can be completed, and a closing date. It also outlines the responsibilities of both parties, including the buyer's obligation to pay for the property and the seller's obligation to transfer ownership.
Common Kansas Real Estate Contracts
There are several types of real estate contracts that are used in Kansas including:
- Purchase agreement. The most common type of real estate contract that is used for the transfer of residential property between a buyer and a seller. In Kansas, most realtors will use he Kansas Association of Realtors version of this contract.
- Real estate assignment contract. Used when purchasing investment properties that may need repairs and maintenance. This contract allows the buyer to assign the contract to a second buyer.
- Lease agreement. Use when a landlord wants to rent their property to a tenant for use.
4 Essential Elements of a Kansas Real Estate Contract
Real estate contracts will vary based on the party’s needs and type of property, however; all real estate contracts in Kansas must include the following essential elements:
- The parties involved in the transaction
- Property description including the address and legal description
- Agreed upon purchase price
- The contract must be in writing and signed by all parties
What Must Be Included in a Kansas Real Estate Contract?
A Kansas real estate contract must include several key elements in order to be legally binding and enforceable. These terms include:
- Party information. The names and addresses of the parties involved in the transaction, including the buyer, seller, and any agents or brokers involved.
- Property description. A description of the property, including the address, legal description, and any known defects or issues.
- Purchase price. The agreed upon price that was communicated in the offer by the buyer and acceptance by the seller.
- Contingencies. Any contingencies or conditions that must be met before the sale can be completed, such as the completion of a home inspection or the receipt of financing.
- Closing date. The date on which the sale will be completed, and the property will be transferred to the buyer.
- Disclosures. Any warranties or representations made by the seller regarding the condition of the property, such as whether it is free from defects or liens. Kansas requires a Seller Property Condition Disclosure Statement and a Lead-Based Paint Disclosure in all real estate contracts.
A Kansas real estate contract must be comprehensive and include all required information to be considered valid and enforceable. It must also be signed by both the buyer and the seller, as well as any agents or brokers involved in the transaction.
How Does a Contract for Deed Work in Kansas
A contract for deed, or land contract, is a type of agreement in which the buyer makes payments to the seller for the property and receives possession of the property, but the legal title remains with the seller until the contract is fulfilled.
In Kansas, a contract for deed typically includes a down payment, an agreed-upon purchase price, and a schedule of payments. The buyer is responsible for maintaining and insuring the property during the contract period, and the seller retains the right to the property until the final payment is made. The final payment is when the title will be transferred to the buyer.
Frequently Asked Questions
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Meet some of our Kansas Real Estate Contract Lawyers
Mark P.
I represent a diverse mix in a vast array of specialties, including litigation, contracts, compliance, business and financial strategies, and emerging industries. Credit for this foundation of strength goes to those who taught me. Skilled professors and professionals fostered my powerful educational and professional background. Prior to law school, I earned dual Bachelor’s degrees in Business Administration & Accounting from Peru State College. I received a Master of Business Administration degree from Chadron State College. My ambitions did not stop there. While working full time as a Senior Accountant for the University of Missouri, Columbia, I achieved the lifelong goal of becoming a licensed Certified Public Accountant (CPA). Mizzo provided excellent opportunities and amazing experiences. Managing over $50M in government and private research funding was a gift. As a high ranking professional in the Department of Research, I was given priceless insight into the greatest scientific, journalistic, medical, and legal minds in the world. My passion for successful growth did not, and has not stopped. I graduated summa cum laude (top 3%) with a Doctorate in Law, emphasizing in urban, land use and environmental/toxic tort law from the University of Missouri, Kansas City. This success lead to invaluable experiences of serving as Hon. Brian C. Wimes' judicial clerk for the U.S. District Court for the W. D. of Missouri, as a staff editor/writer for UMKC Law Review, and as a litigation and transactional attorney with Lathrop GPM (fka Lathrop & Gage). My professional and personal network is expansive, with established relationships throughout the U.S. and overseas. Although I engage in legal practice all over the country, I maintain law licenses in Missouri, Kansas, and Nebraska. Federally, I hold licenses in the W.D. and E.D. of Missouri and the District of Nebraska. To offer extra value, efficiency, and options, I maintain a CPA license and am obtaining a real-estate brokerage license.
"I contacted Parachini Law after I had sent multiple unanswered information requests a third party. Mark not only send out a record request to the address specified, but also sent out additional requests at other possible business addresses to ensure the request was received. As a result, I finally received the information I was looking for. The firm was very professional to work with."
August 18, 2020
Braden P.
Braden Perry is a corporate governance, regulatory and government investigations attorney with Kennyhertz Perry, LLC. Mr. Perry has the unique tripartite experience of a white-collar criminal defense and government compliance, investigations, and litigation attorney at a national law firm; a senior enforcement attorney at a federal regulatory agency; and the Chief Compliance Officer/Chief Regulatory Attorney of a global financial institution. Mr. Perry has extensive experience advising clients in federal inquiries and investigations, particularly in enforcement matters involving technological issues. He couples his technical knowledge and experience defending clients in front of federal agencies with a broad-based understanding of compliance from an institutional and regulatory perspective.
John C.
Licensed to practice law in the states of Missouri and Kansas. Have been licensed to practice law for 44 years. Have been AV rated by Martindale Hubbel for almost 30 years.
August 2, 2023
Scott M.
Skilled/versatile attorney (and RE broker) with 10+ years' experience and diverse background in real estate, business law, injury litigation, estate planning. Select Experience: • Former General Counsel (and current Of Counsel) for a prominent real estate developer touching on all aspects of business in a hands-on and advisory role, including Lease and PSA contract negotiations; • Years of successful injury litigation practice as associate and solo (primarily plaintiff, some defense) with multiple six-figure settlements; • Years of expertise in business law for a variety of industries as well as estate planning for small to mid-size entities.
July 11, 2023
Kennedy W.
Graduated from Washburn University School of Law with certificates in Tax Law and Business Transactions. Served as a specialized tax advisor and business consultant to clients across the nation over the last 8 years. I have practiced law since 2019, specializing in entity formations, contract drafting, contract review, contract disputes, business transactions, demand letters, legal research, and general business consulting.
July 26, 2023
Michael S.
Born and raised in St. Louis, MO. Bachelors Degree from the University of Iowa. Masters Degree from the University of Melbourne. J.D. from the University of Kansas. Licensed to practice law in Missouri and Kansas. Tennessee currently pending.
October 30, 2023
Matthew F.
Matthew grew up in Leawood, Kansas. He graduated from the University of Kansas with a Bachelor of Arts degree in Political Science and Communications in 2016 and from the University of Kansas School of Law in 2019 where he received a Business and Commercial Law Certificate. During his time as an undergraduate, he worked at a consulting firm focused on political campaigns and corporate public relations. In May of 2020, he will receive an MBA with a focus on finance from the University of Kansas Business School. Matthew is interested in several practice areas including business and commercial law, arbitration, and civil litigation. In his free time, Matthew enjoys playing basketball, using his virtual reality headset and listening to audiobooks.
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Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
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.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
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
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
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