Real estate is a real property that refers to the land and the improvements attached to it, such as buildings, fixtures, roads, structures, and utility systems. To complete real estate transactions, whether to produce, sell, buy, lease, or rent a real estate property, sellers, buyers, agents, investors, property owners, or other individuals who want to invest in the field must use real estate forms.
Real estate forms are widely used in several types of real estate, including land, residential, commercial, and industrial. They refer to the legally or non-legally binding documents used to enact transactions in the real estate industry.
Legally binding real estate forms include agreements, contracts, and deeds. They contain the terms of the agreement or the consent of the parties involved in the transaction. Real estate forms like property checklists, information request forms, and other forms that do not require both parties to carry out the terms are considered non-binding real estate forms.
Know more about the four types of real estate
- Land. Land refers to the undeveloped, vacant, and agricultural lot that serves as the baseline of all properties.
- Residential Real Estate. The housing properties built for families or individuals are called residential real estate. It includes apartments, condominiums, townhouses, single and multi-family homes, and other housing properties designed for living.
- Commercial Real Estate. The land and buildings that are intended for business purposes are called commercial real estate. There are four main classes of commercial real estate — office space, industrial use, multi-family rental, and retail. All classes are designed to make a profit from the investment or rental income.
- Industrial Real Estate. Industrial real estate refers to the building or properties used for the research, manufacture, storage, and distribution of goods. Warehouses, power plants, and factories are some examples of industrial real estate.
Real estate forms you may use
A Commercial Property Lease Agreement also called a Commercial Lease Agreement, is a document used to set forth the terms and agreements between a landlord and a tenant for renting a commercial property. One of its terms comprises how long a tenant can rent or lease a property to which he or she is either entitled to an extension or not. If so, the tenant may use a Commercial Lease Extension Agreement form. It is a document that outlines the extension or amendments of the original lease priorly made by the tenant and the landlord. If a landlord wants to terminate an agreement with a tenant, he or she may file a 30-Day Notice to Vacate form. It is a form used to order a tenant to vacate the leased property due to an expired lease.
A Client Information Sheet is one of the real estate forms that are nonbinding. It does not have a provision that binds a client or the other party to its terms. A Client Information Sheet is a document used to outline the required information of a customer in an agreement. It helps companies keep track of a client’s demand upon purchasing a property or product.
A Purchase Letter of Intent is a non-binding document that records the initial transaction of a buyer and a seller of a real estate. It determines if the transaction between both parties will continue in the foreseeable future. Because it is a non-binding contract, it must be preceded by an Asset Purchase Agreement form to secure that the assets will be purchased and are lien-free.
A Warranty Deed or General Warranty Deed is a legally binding document used to convey real property. It is used by a grantor or owner of a property to transfer property ownership to the buyer or grantee as free and clear of any outstanding liens, mortgages, or other encumbrances against it, putting the risk of a breach of contract or warranty to the grantor. For real property buyers, filing a Warranty Deed is a wise decision to protect themselves from future disputes.
A Quitclaim Deed is a document used to transfer ownership of a property without an actual claim that the grantor entirely owns the property. If a buyer accepts a Quitclaim Deed, it means that he or she accepts the possibility of any additional ownership interests in the property. A Quitclaim Deed is also used in non-sale transactions. It includes transferring a property title to a family member, adding a spouse to a property title upon marriage, removing a spouse from a property title after divorce, clarifying ownership of inherited property and easement, and changing how a property title is held.
An owner of land or lot and a renter use a Land Lease Agreement or Land/Ground Lease Agreement to outline the terms and agreements involving the rent or lease of the property. The rented land can be used for several purposes, including farming and agriculture, land development, and commercial.
A Mortgage Deed is a legally binding document that secures the loan advanced or to be advanced in the future. It is used in the real estate industry to protect lenders to which they can sue a borrower who breached their contract and retain the borrowed property.
A Property Zoning form is a legally binding document that outlines the agreement of two or more parties on the rezoning of a property considered as residential, recreational, industrial, or commercial. It assigns the land where activities and property use and development may take place.
A Pet Addendum is a form used when a tenant wishes to bring a pet into a residential property. By signing it, the landlord or property owner allows the tenant to keep a pet. The landlord may charge a pet fee in case the pet causes damage to the property. A Pet Addendum is usually filed when the original lease agreement does not contain a specific term stating the allowing and disallowing of pets in the property. It is added to the original lease agreement as a legally binding term.
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