Purchasing Real Estate property can be a fulfilling accomplishment. However, processing the purchase of Real Estate requires a ton of paperwork to seal the deal between a buyer and a seller. One of the necessary documents when purchasing property is a Real Estate Purchase Agreement.
A Real Estate Purchase Agreement is a contract that outlines the terms of the sale and the purchase. The agreement obligates the seller to sell the property and the buyer to purchase it after submitting the necessary requirements.
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Real Estate Purchase Agreement Form
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Real Estate Purchase Addendum Form
A Real Estate Purchase Agreement is employed when you are ready to sell your property to an interested buyer and would like to make a specific outline of the terms, or if you would like to purchase a property and want to set guidelines with the seller.
The Contents of a Real Estate Agreement
Real Estate Agreements differ in many ways, depending on the complexity of its contents and the negotiations that arise between a buyer and a seller. Below is a list of the basic and important parts of a Real Estate Agreement
As with all other contracts and agreement documents, a Real Estate Purchase Agreement should contain the full names of the parties involved in the sale regardless of whether it is a corporate entity or a Limited Liability Company (LLC.)
Dates and Duration
Specifying the dates involved provides urgency to the agreement. Dates such as the start date and the expiration of the contract should be specified in the agreement.
Generally, a legal description of a property can only be provided by a licensed surveyor who is trained and authorized to locate and determine the legal description of any property, such as the county and the state where the property is located.
Offering Price of the Property and Financial Terms
The offering price or the total purchase price of the property should be clearly indicated in the contract. If the payment terms are through installments, payment schedules have to be specified as well.
Real Estate Purchase Order Form
Real Estate Purchase Form in PDF
Real Estate Purchase Form Example
Generic Real Estate Purchase Form
If a seller and a buyer have agreed that the seller will pay a part or all of the closing costs, then this must be indicated in the agreement. Closing costs are expenses that are over and above the price of the property. Examples of closing costs are origination fees and private mortgage insurance.
Home Inspection Contingency
If you are purchasing a residential property, you will want to make sure that you have the liberty to walk away from a deal if the results of a Home Inspection are deemed expensive.
Generally, a Home Purchase Agreement can be used by anyone involved in the buying and selling of a property. The most common people who utilize these types of agreements are buyers, sellers, real estate agents, and attorneys.
Cancelling a Home Purchase Contract can be easily done if the offer has not yet been accepted. A buyer or a seller can simply issue a document that states the withdrawal of the offer. However, things can get a little tricky when the offer has already been accepted and especially if the seller does not have other or better offers for the property.
Real Estate Contracts have to be carefully constructed in order to set proper expectations and avoid misunderstandings or disputes down the road. Our Real Estate Forms provide the essential clauses needed in Real Estate Agreement Forms or Real Estate Disclosure Forms and offer flexibility and quick access.
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