This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
It is desirable, in drawing such contracts, to adopt the usual printed forms, for, while, as already stated, the law does not prescribe any particular form, it is best, in entering upon any transaction of this character, to avoid the unnecessary questions and difficulties, which would be apt to arise if the contract were informal, or consisted of various papers.
The rules applicable to contracts in general apply, of course, to contracts for the sale of real estate. The parties must be of full age and under no disability, and if the vendor is represented by an attorney in fact, the power of attorney must be sufficiently full to confer the power to execute the contract, and there should be some satisfactory assurance that the absent principal is alive, since a power of attorney, not coupled with an interest, is revoked by the principal's death.
The purchaser is usually required to make a payment on account of the purchase price. He should be satisfied that the person, with whom he is dealing, is the owner of the property, or duly authorized by the owner to sell it, and of sufficient responsibility to answer for the return of the deposit, in case the contract be not performed on the seller's part.