Kenneth Huizenga May 17, 2019 Purchase Agreement
Traditional items sold with the home include window treatments or built-in appliances. Sometimes, sellers are willing to include other items. If anything out of the ordinary is included (or excluded), it should be noted on the purchase and sale agreement.
The purchase and sale agreement defines your intent to buy the home. In the contract, you may stipulate certain contingencies, which would release you from the obligation to buy the home and allow their deposit to be returned.
If you’re completing a purchase and sale agreement as part of an initial bid on a home, set a time limit for the seller to sign. This will encourage them to evaluate the offer and respond with their final answer or a counteroffer in a timely fashion.
A home purchase is a significant investment of time and financial resources by both the buyer and the seller. To expedite the process, you’ll want to agree to the terms up front and include them in the correct format. For additional help and resources, including information on your state’s specifc forms and purchase agreement, contact your professional today
As a seller, you should evaluate the overall strength of the buyer’s offer before accepting a contingency. Sometimes, sellers request permission to continue marketing the home during the contingency period. A buyer may request the right to match any new offers or remove the contingencies. Typically, a deadline is set for buyers to respond to new offers to ensure the sale isn’t delayed.
If you’re given a limited time frame, such as 10 days, to perform an inspection, make sure you can accomplish the task within it. Call inspectors before signing the agreement for a better feel of how far in advance they’ll need to be scheduled.