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The Purchase Agreement This is the binding agreement to purchase real property between buyer and seller. Here is where the deal is detailed and agreed to. This is where both buyer and seller commit to act to transact the purchase and sale of real property. The real estate agent or your attorney usually will fill out the purchase agreement. Your listing agent has a lot of experience with these agreements, but this article should help you be an informed buyer. The purchase agreements are be different for each state, so you should use the purchase agreement provided by the professional organizations in your state. A Basic Guide to the Purchase Contract The basics of all purchase agreements should include:
Be open to other offers. Deals fall through all the time. You can take a back up offer if the another buyer knows there is an existing offer Look at all offers with a balanced view. An offer is more than a price bid. If one offer is higher but requires you to carry back or has difficult hurdles or makes too many demands. The lower offer may actually be the better one for you. Pre Qualify Buyers: Be sure the buyer is pre qualified or pre approved for a mortgage loan large enough to buy your property Be Clear Fees: Some states will define who pays certain fees and others will Negotiate: Dont be shy, many items are negotiable and you will gain the respect of the other side Earnest Money: Another area of confusion. Spell out clearly the Circumstances under which you lose the deposit and the circumstances you get it back and establish clear performance based deadlines. Contingencies: Its good to acknowledge all contract obligations as they are fulfilled in writing. Deadlines: Have a clear understanding in writing, regarding all deadlines and response time lines. Much goes wrong here and it can harm a deal. Sellers Disclosure: Require this in writing (Sellers Disclosure Statement). All structural issues and everything that should remain with the house should be clearly spelled out. This is another common area of contention. Negotiations: The acceptance period for a response should be clearly defined and quick is best. Shoot for 24 to 48 hours. REsourced from www.yourpropertypath.com You may republish this article, as long as you do not edit and you agree to preserve all links to the author and www.yourpropertypath.com
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