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As we start making plans to purchase a house or any real estate property, we need to be aware of the many terms and condititions that are involved in such contracts.

It is required to protect our interests and achieve our objective of purchasing the property without getting involved in unwanted legal suits etc.If one gets involved any such legal suit,then it is a hell indeed.Not only because of the time and expenses involved,but also due to the mental stress and tensions that such a situation generates.

Real estate purchase contracts include many standard and ocassionally not so non-standard condititions. These can include

1.Names and addresses,contact details of both the seller and buyer.
2.An appropriate description of the property with location details,maps etc.
3.Purchase price with full details,terms and conditions of how payments are made.
4.Clauses regarding advance deposits.
5.Time and validity period of the contract.
6.Personal property details included in the sale.
7.Contractor's inspection and associated details.
8.Liquidated damages.
9.Dispute resolution clauses and conditions.

Actual forms of real estate purchase contracts are availble from websites of agencies,local and state governments,attorneys etc.

As a property purchaser, we need to take a good care of all these condititions.
Once we are attracted to a property,if we have made a decision to buy it, legal help and advise should be taken to make sure we are getting a straight deal.

The condition of liquidated damages is an important aspect in many contracts such as those of large project management and construction,contracts that provide engineering services,health care etc.

In a real estate purchase contract,as buyers of the property we need to make sure that our interests are well protected.

This can be done by including a liquidated damages clause in the contract that ensures and specifies the following.

a.The maximum amount in liquidated damages that we may have to pay to the seller if we make a default in abiding by the conditions of payment in the contract.These damage dollars must be specified clearly without any ambiguity in either the amount, or the timing of its payment.In the unfortunate case that we make a default in payment or any other conditions stipulated by the sellers, such a liquidated damage clause will clearly limit our losses to amount specified specificaaly and only for that item.
In case a legal suit is entered by the seller against us as buyers,only written and legally certified documents

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