Maria Abe June 9, 2019 Purchase Agreement
The purchase and sale agreement is the document that will carry you through a real estate transaction. Make sure you understand what you’re signing, and don’t be afraid to ask for professional help, if necessary.
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.
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.
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.
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