A real estate purchase and sale agreement is the contract that is drafted after acceptance of an offer by both the buyer and seller. Whether you are selling or making an offer on a property, it is essential to engage the counsel of experienced real estate attorneys to make sure you have all your legal bases covered and ensure that your interests are protected during the transaction.
The specifics of purchase and sale agreements can vary by state, but usually include the following: Final Sale Price The agreed upon purchase price is included, in the agreement, but may change during negotiations before the closing date if issues arise such as the home inspection turning up a problem. Earnest Money Details The purchase and sale agreement includes information on the earnest money deposit, a small percentage of the purchase price which shows that an offer is serious and made in good faith, and is commonly held in escrow until completion of the deal. Experienced contracts attorneys can help create a document that will ensure that it will be returned to you in case the deal goes south. Closing Date On the closing date the transfer of property will be recorded with the local government and the seller will receive the money for their home. A knowledgeable attorney will prepare and review closing documents before you sign and assist you at the closing. Title Condition and Information about Your Title Insurance Company The purchase and sale agreement will state that the seller must provide a clear title of ownership to the buyer. Information about your title company will be also be included in the contract. A seasoned real estate attorney can assist you with choosing a good title company. Contingencies Contingencies are conditions that must be met in order for the purchase to be completed, and may allow the contract to be canceled by either party if they are not met. Always check with your attorney to make sure all the necessary contingencies are included in the contract, such as:
An addendum is any additional request from the buyer to the seller that is not included in the actual purchase and sale agreement. Skilled business lawyers can also advise you on which addendums to include, such as asking the buyer to pay part of the closing costs. Engaging the services of experienced attorneys will make sure your real estate sale and purchase agreement protects your interests in a real estate transaction. At Carosella & Associates we have knowledgeable and qualified lawyers practicing in Montgomery, Chester and Delaware counties who can help you through the process and realize your dreams of buying or selling a home. #RealEstateLawyers, #RealEstateContracts, #realestateagreements
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