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California Real Estate Forms Purchase Agreement

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Kenneth Huizenga June 9, 2019 Purchase Agreement

The appraisal of the new home – you must have the home appraised at a certain value to qualify for a mortgage. If, for some reason, the appraisal doesn’t match the purchase price, you may not be able to complete the transaction.

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In the purchase and sale agreement, buyers and sellers also agree on home inspection procedures. The seller sets a time limit for the buyer to perform inspections, and they may also note that the house is being sold as is, meaning they won’t fix anything in the house prior to the sale. In these cases, buyers may still be granted the opportunity to perform a home inspection. If sellers aren’t selling the home as is, there should be room for negotiation on repair costs post-inspection.

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Home sales are unique, complex transactions, and the standard language of a contract doesn’t always fit every situation. As such, the language and terms of the standard purchase agreement may be adapted for each new transaction.

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Any unneeded contingencies, such as a mortgage contingency for a cash offer, may be excluded from the purchase and sales agreement. This will help strengthen your offer and gives the seller a clear picture of what you bring to the table.

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