Especially if you’re a first-time buyer, you’ll want to know…
What is a Real Estate Purchase Agreement And Why Is It Important?
This is a legal contract that documents the purchase and sale of the property you’re buying or want to buy.
The contract is different for residential real estate and each type of residential property. That’s where your Lang Realty agent comes in to advise you step-by-step what information the contract will always require.
Here’s a preview of What Is A Real Estate Purchase Agreement?
– Who is the seller and who is the buyer
– Legal description of the property
– Total price paid
– When the buyer will pay
– When the buyer will take possession of the property
– If the offer is subject to any conditions
– If the buyer requires a satisfactory home inspection and the date for completion
– The seller’s proof that the property’s title is free and clear
– The property must be appraised for at least the purchase price
– The seller has to disclose the deadline to accept the offer
Even if it’s not legally required, the seller should always give the buyer a statement disclosing the known defects of the property to prevent any issues after the fact.
Does a real estate purchase agreement need to be notarized?
No, and the agreement doesn’t have to be witnessed to be binding either.
