Before you finally get to call a recently-bought home your very own, you and the seller must have a written agreement, or a real estate contract, which details and proves that the seller had indeed sold you a home. This would become a legally binding document which outlines everything about the transactions between you, the buyer, and your seller. In order to be valid, a contract must show that both parties had agreed on an offer, and that something of value had been exchanged (such as cash) for the property. The contract must also be able to list down the most basic information about the property sold, such as the address and the purchase price. Still, a valid real estate contract is not limited to these basic information, and it’s advisable to consult a real estate attorney in Los Angeles before agreeing to such transactions.
http://www.la-realestatelawyer.com/a-los-angeles-real-estate-attorney-lists-the-must-haves-in-a-contract/
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