Should I have a real estate purchase contract, or are escrow instructions enough?
Escrow instructions do not usually address issues related to buyer or seller performance, remedies of a buyer or seller if the other does not perform as agreed, representations and warranties between buyer and seller, tax advice or legal advice for either buyer or seller, or items to be handled outside of escrow. Many disputes between buyer and seller, both during escrow and afterwards, arise from these kinds of matters. Resolving them will be difficult without the written understanding of the parties at the time as to the responsibilities of the parties, and remedies for breaches.
