Understanding Real Estate Sales Contracts in Washington, DC [General Sales Contract]

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GCAAR Sales Contract

The first step to purchasing a home is to sit down and understand what it is you need most in this process. A real estate agent professional can help guide you through the process and with the seller paying their compensation, it’s a smart idea to recruit the help of a trusted realtor to guide you through this process.

After your consultation, home viewings, and financing applications, you will eventually find a home that you can’t pass up and will need to engage in next steps to make your home buying dream a reality. In Washington, DC and Montgomery County, MD, realtors will use a document called the GCAAR Contract of Sale (form #1301) for most resale homes. GCAAR, or the Greater Capital Area Association of Realtors is the association the vast majority of DC area real estate professionals belong to and is also the provider of the many contract forms we use to help our clients conduct real estate sales transactions.

For new construction or flipped property sales, a document most often called a “builder’s contract” will be used which is usually created specifically by the developer of a property and their sales team. More careful consideration will need to be paid to these contracts as they are usually heavily one-sided in favor of the seller. One of the many advantages of using the GCAAR standard contract is that it is written to favor both sides as equally as possible.

For a PDF copy of the complete GCAAR Sales Contract and information on how to make the most of your DC, MD, or VA home purchase, contact me at [email protected] or at 202-378-0567.


 

 

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