Kenneth Huizenga May 17, 2019 Purchase Agreement
Purchase and sale agreements may vary, due to different real estate laws. To ensure you’re using the correct form, check your state’s real estate legal forms.
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.
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.
The purchase agreement documents the terms of the transaction discussed between the buyer and seller. Included are the purchase price and the closing date, two of the most important items in any real estate purchase. The amount of money the buyer places on deposit, also known as earnest money, is defined in this agreement as well, and this money should be placed in an escrow account until settlement.
A purchase and sale agreement is a written contract between a buyer and seller, stating all the terms and conditions of a real estate purchase. If you’re filling out this form for the first time, you may be unfamiliar with the legal language and stipulations of this 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.