Sei sulla pagina 1di 3

Sales contract automobile vs real estate

Elements of an Auto Sales Contract


Car sales contracts vary by state, but in general most contracts will need the following: 1. Open the contract with information about you, the seller. This should include your name and address. 2. Add details about the car. Include the cars make, model, color, body style, year, and vehicle identification number (VIN). 3. Add the buyers name and address. 4. Include the vehicles sales price. 5. Most used car sales between private parties do not include a warranty. This is commonly referred to as an as is purchase, meaning the buyer is purchasing the car as is. You should spell this out by stating, The car is sold as is. 6. You and the buyer must sign and date the contract. Depending on your state the car sales contract may need to be notarized. If required, hold off on signing the contract until in front of a notary. 7. Make two copies and give one to the buyer. During the sale, its wise to also use a bill of sale. If youve presented the buyer with a vehicle history report, also keep a copy of this with your paperwork. Contact your Department of Motor Vehicles (DMV) for contract specifics. In some cases you may have to add or delete some of the above information. Or, at the very least, alter the order.

Elements of Real Estate Sale contract


[Insert the name of the buyer] (Buyer) and [Insert the name of the seller] (Seller) hereby enter into this Real Estate Sale Agreement (Agreement) this [insert the date] day of [insert the month], [insert the year] for the following described real property: [Insert full legal description] Which is commonly known as: [insert full street address] 1. Payment Terms. Buyer and Seller agree to the following payment terms: a. The full purchase price of the property is $[insert the amount of the accepted offer]. b. Buyer shall deliver to Seller earnest money in the amount of $[insert the amount of earnest money agreed upon] no later than two (2) days from the date of this Agreement. c. Earnest money shall be delivered to [insert name of trust company] at [insert address of trust company], to be held in trust until this Agreement is fully executed or terminated by one of the parties.

d. All property taxes, as determined on the date of closing, shall be prorated between Buyer and Seller as of the date of delivery of the deed. 2. Easements and Restrictions. [Describe any easements or restrictions] 3. Included Property. [List or describe all included property] 4. Home Inspection. Buyer shall pay for a home inspection to be conducted before closing. Renegotiation of this agreement shall occur only if said home inspection reveals a major defect, which will cost more than $500, individually, to repair. Buyers shall be responsible for all repairs, which are not major repairs and do not cost more than $500, individually. 5. Financing. This agreement is contingent upon Buyer being approved for financing in the amount of $[insert the amount to be mortgaged], from [insert the name of the mortgage company]. 6. Disclosures. [Insert required and/or voluntary disclosures] 7. Default. If either party fails to comply with this contract, he or she will be in default, and the other party may (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money as liquidated damages, thereby releasing both parties from this contract. 8. Closing. [Insert closing information].

Australian contracts
There are six essential elements necessary for legally binding contract formation: (1) an agreement (offer and acceptance); (2) consideration (generally, the supply of money, property or services however anything will suffice as consideration be it money, or a promise to undertake, or not undertake a particular act); (3) Capacity to enter legal relations. E.g. Of sound mind and legal age (4) Intention by the parties to enter into legal relations (private non-commercial agreements between family members may not necessarily constitute a contract as intention to create legal relations is often not present) and (5) Formalities - In most jurisdictions contracts do not need to be represented in writing however exceptions apply. (6) Certainty.

Indian contracts
According to Section 10, "All agreements are contracts, if they are made by the free consent of the parties, capacity of parties to contract, for a lawful consideration with a lawful object, and not hereby expressly to be void." 1. Proper offer and proper acceptance 2. Lawful 3. Capacity of parties to Contract 4. Free Consent 5. Lawful Object and Agreement The object of the agreement must not be illegal or unlawful.

6. Agreement not declared void or illegal 7. Intention To Create Legal Relationships 8. Certainty, Possibility Of Performance 9. Legal Formalities 10. By surety

Formalities (India vs. Australia)


Australia - In most jurisdictions contracts do not need to be represented in writing but exceptions apply. Oral contract are as enforceable as written contracts. However, there are a number of exceptions that have been created by statute. Examples are marine insurance which to be binding must be documented in written form. Also consumer credit must be documented in written form with a copy provided to the consumer. These requirements have been put in place by statute in order to protect consumers and/or prevent such acts as fraud. In India most contracts are enforceable only when in the written format.

Australian legislation affecting contracts


Most States have effected statutes relating to the sale of goods, such as the Sale of Goods Act 1896 (Qld), which imply conditions and warranties in relation to fitness and merchantability. However, in many instances such implied terms can be displaced by the contrary intention appearing in the contract between the parties. This has meant that, in practice, in many sales of goods contracts these provisions are displaced.

Potrebbero piacerti anche