What Is Home Purchase Agreement?
A home purchase agreement is a written agreement which obligates the seller to sell and the buyer to buy products or services. This agreement is designed for a property or real estate with some modification which talks about finalizing their interest before making a deal.
An agreement can turn to the worst when the contract is not clearly written. This is why you have to be careful when detailing the contract to avoid this case. Here are some steps we can give to you.
Clear Description About The Property
It is important to write the legal address and the type of property. For example, you classify the property as a single-family home. Besides, write the restrictions, special permits or other zoning laws. Permanent fixtures and also appliances should be written to.
Specify The Purchase Price
List down the purchase price, down payment which will go to the escrow and try to be specific on the escrow date. Keep in mind that you must be already out of the property. Plan it accordingly.
Gain The Agreement On The Move-In Date
Typically the closing table will be issued to the same day when the buyer process the property.
List The Buyer’s Right
Sometimes we cannot avoid any hazardous caused by the property. This is why you should put this into an agreement and name it what kind of hazardous that will be your responsibilities. Or, if you can mention what needs to be repaired after the inspections. List also the details of how the buyer can negotiate and how the repair will be handled. Besides, mentioning the warranty plan is important too which this can also become the selling points.
Add Additional Provisions and Conditions
Write any details as much as you can in the home purchase agreement. For example, define when the buyer should get the financing and stand still in it. The standstill means if the borrower cannot get financing in the agreed date, then the seller will not negotiate the sale. However, both sides can avoid this one.
Another thing to include is the non-binding clause which means both sides can walk away from the agreement if the basic they don’t meet the basic things in the agreement. But if you include this contract, you will also need a binding purchase agreement which obligates both sides to be responsible for the terms in the purchase agreement.
There are some documents you have to know related to the real estate, which are:
- Lease agreement – This is used when you don’t purchase the property, but rent it. This agreement will explain in detail the many things between the landlord and tenants.
- Power attorney – This document will allow someone to sign the agreement due to emergencies factor. If you cannot sign certain agreement such home purchase agreement, use this letter.
- The contract for deed – This agreement is used when both sides agree to mortgage the property. This means the deal will only be finalized if the payment has been completed.
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