There are many obstacles to overcome when purchasing a home. Not only are there contracts to be signed and loans to be taken out, but there’s also the stress of wondering if you’re getting the real deal. Taking the time upfront to spell out the terms and conditions for the purchase of your home is important, as it will help you avoid potential legal or financial obstacles in the future.
A purchase and sale agreement for real estate is a legally binding agreement formed between the buyer and seller that governs the purchase and sale of the property. The contract clearly defines the conditions that must be met for a sale to occur. This is a crucial part of purchasing a home.
What Is A Purchase Agreement?
A purchase and sale agreement for real estate are the specific terms and conditions by which a buyer and seller agree to engage in a real estate transaction. The agreement of the proposed terms places both parties, and the property in question, under contract. A binding legal agreement that outlines key details of a home sale transaction may also be referred to as a sales contract.
Who Helps Prepare The Purchase Agreement?
Most commonly, the purchaser’s real estate agent will be the one to write up and prepare the purchase agreement. They’re equipped with the knowledge and expertise to know what should be included in a typical agreement. Real estate agents cannot draft their legal documents or contracts. They will typically fill in pre existing documents created by a separate law firm that specializes in real estate.
Key Components Of A Real Estate Contract
Every property sale is different, so there are going to be some differences between each purchase and sale agreement for real estate. There are some consistent elements that you’ll find within every purchase agreement:
- Buyer and seller information
- Purchase price
- Property details
- Property taxes
- Closing date
- Option to terminate the sale
Purchase agreements typically include many more baseline requirements for a sale to occur. Any questions that may arise concerning any of these terms can be answered by either your real estate agent or a real estate attorney.
Real Estate Attorneys That Get You
Purchasing a new property can be a significant undertaking, and you need to make sure all the boxes are checked before you can proceed to seal the deal. At DaMore Law, our team of real estate professionals is here to guide you through property ownership, and guide you to closing day. Visit our website today for a custom quote.