Virginia Williams May 11, 2019 Purchase Agreement
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.
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.
Closing costs are another potential point of negotiation in a real estate sale. Traditionally, these costs are split between the buyer and seller agreement. These expenses are significant and should not be overlooked.
If you need to sell your existing home to afford a new one, you should include this contingency in the agreement. This allows the seller to evaluate the strength of your offer, while providing you the opportunity to get out of the contract if your current home doesn’t sell within a certain time period.
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.
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
Tag Cloudagreement form agreement template 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.