Like all other types of legal agreements, a real estate contract should be written properly and understood by both parties before signing. Generally speaking, a lawyer should review all real estate contractual agreements prior to your signing. When buying a piece of property it is important that you gain a clear title. Therefore, based on the seller's knowledge, the contract should state that they are giving you a marketable (able to be sold)  title to the property. The contract should contain these important elements:

• an accurate description of the property including the purchase price and amount of deposit
• the closing date and who is responsible for insurance and loss on the home until the closing date
• who will pay for miscellaneous fees such as a home inspection and survey
• the type of deed the seller will convey that will be a clear marketable title that you can sell in the future without problems surrounding the properties ownership
• an itemized list of any fixtures that are suppose to remain at the home (refrigerators, curtains, mantles, etc.)

Depending on the circumstances, Real estate transactions can take months to complete and require legal preparation. Contingency clauses can be inserted to void a contract if certain conditions are not carried out such as financing or home inspections.