In some cases, the buyer`s ability to meet the conditions listed here depends on whether or not they sell a property they own. This eventuality should be included in “VI. Sale of another property”. If there is no such property or if the buyer`s performance is not contingent on such an event, select the check box statement “Must not depend on the sale of another property”. If the buyer is counting on the sale of their property to complete this agreement, enable the “Should depend on the sale of another property” check box statement and enter the buyer`s mailing address, city, and property status in the first three empty fields. The number of “days from the effective date” allocated to the Buyer (to achieve this goal) must be recorded in the last empty field of this Statement. If an agreement is reached, the seller must complete and submit disclosure forms to the buyer. These forms inform the seller of any problems or repairs required in the house, as well as the presence of hazardous substances on the property. If financing was a condition of the purchase agreement, the buyer must go to a local financial institution to apply for and obtain financing for their home. This is commonly referred to as a “mortgage” and can require up to 20% for a down payment and other financial obligations, depending on market conditions.
Inspection – If a serious problem has been identified during the inspection, the buyer has a free hand to terminate the contract, unless the seller facilitates the problem by bearing the cost of repairing the problem by a professional or deducting the cost of the repair from the purchase price. This could potentially increase the time it takes to achieve completion. An appraisal is a requirement when the buyer applies for a mortgage on the property. Review one (1) of the two (2) options provided: Closing is when the parties enter into the contract and formally transfer ownership of the property from the seller to the buyer. Typically, both parties share the closing costs, although the seller may pay more due to the buyer/sales agent`s commissions. Buyer`s closing costs typically represent two to five percent (2-5%) of the purchase price of the property, while the seller`s closing costs can range from eight to ten percent (8-10%) of the purchase price4. Once the buyer has found a home that interests them, they can ask their agent to set up a private demonstration of the property. A purchase agreement must contain the following information: The downloadable files on this page serve as a tool to document a real estate purchase, where ownership of a residential property is transferred to the buyer after it has been paid to the seller of that property. This file can be viewed with the image and/or downloaded in Adobe PDF, Microsoft Word (.docx) or document text (.odt) format using the buttons in the subtitle area.
Note: Buyer and seller must provide initials at the bottom of pages 2 to 8 to verify the accuracy of the information presented. What is escrow? When you buy a property, it is owned by a third party until the closing or ownership date. It prevents the property and all funds from changing hands until all aspects of the agreement are fulfilled, such as. B, home inspections, insurance information and financing. To accurately describe the property, the buyer must enter a description of the property for sale. For the “property type”, specify which type of property is for sale. Options include “Condominium, Duplex, Triplex, Fourplex, PUD (Planned Unit Development) and Single Family Home,” to name a few. Then enter the full address where the property is located. In the next line, enter the “Tax Parcel Information” (also known as “Tax Card and Lot Number”). This can be found by contacting the district clerk`s office in the same county where the house is located. For the bottom two (2) lines, enter a description of the property.
The description is on the document and must be copied word for word. A real estate purchase agreement does not really transfer ownership of a house, building or land. Instead, it provides a framework for each party`s rights and obligations before the legal transfer of ownership can take place. .