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Contract of Sale Preparation

The Contract of Sale serves as the foundation for every real estate transaction in Texas. In Texas, any agreement relating to ownership of real estate must be in writing to be enforceable. Therefore, it is vitally important that the contract of sale addresses all the key issues which should be agreed upon to structure an effective transaction. In drafting a contract of sale, due consideration must be made as to the marital status of the parties, the correct legal description of the property, whether a title search, title insurance, appraisal, survey etc. is called for or necessary, the ownership of mineral rights and the financing details of the transaction. Numerous articles and videos in the TLD Library address some of these important issues. The questionnaire below should alert the parties to a number of issues that they may not have considered in reaching their agreement.