Investing in a Real Estate Property can be a fulfilling accomplishment, but processing the sale and purchase of a property does not just require money and negotiations between a buyer, a seller, and an agent. The sale and purchase of Real Estate also requires a ton of paperwork and documentation to finalize the deal and make it formal. One of the necessary documents required 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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A Real Estate Purchase Agreement is used when you are ready to sell your property to an interested buyer and would like to make a specific enumeration of the terms and conditions of the sale, or if you would like to purchase a property and want to set guidelines with the seller.
Real Estate Agreements differ in many ways depending on the complexity of the subject matter and the negotiations that arise between a buyer and a seller. Below is a list of the necessary details that need to be incorporated in a Purchase Agreement:
Full Names of the Parties Involved
A Real Estate Purchase Agreement should primarily contain the complete names of all the parties involved in the purchase and sale of a house. The usual constituents are the buyer, the seller, an agent, and a lawyer.
Dates and Duration
Indicate the dates that are vital to the agreement of the Real Estate Purchase such as the date that the contract was signed and the date that it expires. Indicating specific dates gives out a sense of urgency and allows the seller to entertain other interested buyers if the buyer fails to meet the requirements on the said date.
Legal Descriptions of the Property
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.
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If a seller and a buyer have agreed that the seller will pay a part or 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 find it to be too expensive.
A Real Estate Purchase Agreement is a contract that is legally binding. Cancelling a Real Estate Purchase can be possible 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.
Real Estate Purchase Agreements are an integral part of the purchasing process of a property. It is crucial that a Purchase Agreement be carefully constructed to cover the important details needed and avoid any loopholes. Our Purchase Forms, Purchase Order Forms, and Land Purchase Agreement Forms are guaranteed to cover the basic information needed in a Purchase Agreement Form to make sure you are able to provide a contract worth trusting.
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