Home Buying 101: Writing a Purchase Agreement

1 year ago

Here is an example of the order of writing a purchase agreement on a home:

Introduction: Begin the purchase agreement by stating the names of the buyer and seller, as well as the address of the property being sold.
Purchase Price: Will be discussed by you and your Agent. Your agent may pull up comparisons in the area to make sure the prices is within value. The Price will Clearly be stated in the purchase agreement, as well as any terms related to payment, such as a deposit, down payment, or financing terms.
A inspection will be an option for you and is always advised. You will choose how many days you will need to complete your inspection. This is usually up to 7 days. Which also includes not only conducting the inspection but negotiations with your findings on the inspections too. This is considered a contingency. If both parties cannot come to agreeance, The purchase agreement may be cancelled.
Contingencies: Include any contingencies that must be met in order for the sale to go through, such as a satisfactory home inspection or appraisal or even the sale of your home.
Closing Date: You will set a closing date for the sale, which is the date on which the ownership of the property is officially transferred from the seller to the buyer.
Sellers Disclosures: Include any required disclosures about the property, such as known defects or hazards, environmental concerns, or other issues that could impact the buyer's decision to purchase the property.
Signatures: Buyers will sign the Purchase Agreement with their terms of purchase. Your agent will send your offer to the sellers agent for reviewal. Some negotiations may happen regarding Price or Closing date ect. When terms have been met by both parties all Final Signatures will be placed on the Purchase Agreement.

It is important to note that the specific details and order of a purchase agreement may vary depending any specific requirements of the buyer, seller, city or their respective legal representatives may need or agree upon. It is always recommended to consult with a licensed real estate agent or attorney to ensure that all necessary elements are included in the purchase agreement.

Click on the articles below to help you with your home buying process:

What does a first time home buyer need to know

Connect with a Buyers Specialist

Home Buying 101: The Mortgage Process

Home Buying 101: Writing a Purchase Agreement

Home Buying 101: Your Offer has been Accepted! Now What??

Home Buying 101: The Inspection

Home Buying 101: What are Closing Costs?

Home Buying 101: The Closing

Home Buying 101: What is Mortgage Escrow?

Home Buying 101: The Importance of a Title Company

I hope you have found this helpful