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Purchase And Sale Agreement

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Louise Gray June 18, 2019 Purchase Agreement

A deposit, also known as earnest money, is provided by the buyer to demonstrate their commitment to the deal. If you write a check to the seller, be sure the amount is stipulated in the agreement, along with a schedule of any future deposits to be put toward the purchase. You should also request the amount be held in an escrow account until closing.

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Double- and triple-check the settlement date and the agreed-upon sales price before signing the agreement. Obviously, these numbers are the most important factors on the contract. Also, you should double-check the property address, the spelling of your name and other common typos that can be easily corrected.

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The sale of your current home – this contingency gives you time to sell your current house. If your home doesn’t sell, it allows you to forgo purchasing the new property.

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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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