What is a “contract”?

Get Legal Help Today

 Secured with SHA-256 Encryption

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by

UPDATED: Jul 16, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

A contract is a legally binding document spelling out the key issues of the sale.

It includes some of the same things as the binder, but exactly identifies the following:

(1) the exact property being sold (boundaries, dwellings etc.)

(2) the purchase price

(3) any mortgage contingencies

(4) the proposed closing date

(5) the names of the parties

It also spells out what items the seller agrees to leave in the house. Things like doorknobs, ceiling lights, awnings and window shades are considered “fixtures”, and are generally included in the sale. Built in furniture, like bookcases that are attached to the walls are generally included as well. Appliances must be named in order to be part of the sale. Both parties must sign the contract in order for it to be legally binding.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption