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Real Estate Purchase Agreement

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"I'm so glad I had our agreement in writing, it helped when my client defaulted." - Josh Billings

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What is a Real Estate Purchase Agreement?

Have you ever considered purchasing property? It’s a fun and exhilarating process, but also involves a lot of time and paperwork. When the process begins, both parties to the transaction should sign a real estate purchase agreement.

What Purchase Agreements Actually Are

Basically, a real estate purchase agreement is a form that the parties sign to show that buyer agrees to buy the property from the seller and seller agrees to sell the property to the buy for a specific price. Most states require agreements for the purchase and sale of property to be in writing. Otherwise the agreement may not be enforceable. The form is a binding contract, and whatever signed must be followed. Otherwise, the breaching party can be sued for monetary damages, or, in some cases, for a court order requiring the party to follow the contract.

Minimum Criteria for Purchase Agreements

All real estate contracts and purchase agreements have minimum criteria requirements, and they all must be followed. In a real estate agreement, first, both names must be entered and signed in accordance with the agreement. Also, the agreement must state the address, the legal description of the property, and the price at which it is being sold and legal rights involved with the purchase. It must show the current date the agreement is being made.

Lastly, the document must show the date the purchase must take place (also called a closing) and when new buyer is allowed to enter the property, giving enough time for the previous owners to leave and everything to be settled as it should.

If you are buying or selling property, make sure you have a signed real estate purchase agreement in place to help protect your rights. Download this agreement from setupexpress.com today.