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This post covers everything you need to know about a house sale agreement.
It’s crucial to make sure that your contract is unbreakable whether you’re wanting to sell your primary residence or an investment property, purchase a new house, apartment, condo, or both.
It’s crucial to take the time upfront to clearly define the conditions under which a property transaction will take place and make provisions for unforeseen circumstances, as this can help you avoid potential legal or financial obstacles later on.
Here you will learn;
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The house sale agreement is an agreement or contract between the owner of the house (potential seller) and another person (potential buyer/purchaser) setting out the terms and conditions of selling and buying the house.
This agreement essentially “puts under a binding contract” the buyer, seller, and the subject property.
A house sale/purchase agreement is alternatively known as
Let me explain a bit more so that you can understand how things work.
In essence, when a buyer submits an offer to buy a new house, they are proposing terms of the sale and specifying crucial financial information such as the offer price.
The specifics of this offer will then be up for negotiation or acceptance by the home seller.
Both parties will sign the purchase agreement if they are content with the terms of the deal, which could happen after any ongoing negotiations that take the form of counteroffers.
The property that is being sold at this time will be deemed to be “under contract,” as will any parties to the agreement (the home buyer and seller).
The house sale agreement specifies the terms that must be satisfied in order for the sale to close and for the new buyer to acquire ownership of the property.
It also serves as a signal that all parties are willing to enter into a home sale transaction.
Related: transfer your property for natural love and affection via a deed of gift
To write a legally accepted House sale agreement you have to clearly outline the terms and conditions of the transaction so that both the buyer and the seller are aware of what they are signing.
To be enforceable your agreement must comply with the contract and real estate law of your state.
The following are the things that you should write in your land sale agreement
REAL ESTATE PURCHASE AGREEMENT
THIS AGREEMENT is made on this………day of ………..
BETWEEN
NAME OF THE SELLER of ADRESS OF THE SELLER (hereinafter called “the Seller”) of the one part
AND
NAME OF THE BUYER of ADRESS OF THE BUYER (hereinafter called “the Purchaser”) of the other part:
WHEREAS: The Seller is the owner of a residential house/ situated on located at the street address of ________, the City of ________, State of ________(Hereinafter called “the property”)
AND WHEREAS The Seller shall also include the following personal property in addition to the real estate specified in this Section:__________
AND WHEREAS The following fixtures are NOT included by the seller together with the real estate covered in this Section________
AND WHEREAS: The Seller is desirous of selling to the Purchaser and the Purchaser is desirous of purchasing from the Seller the said property for a consideration of USD___________ (Hereinafter called “the purchase price”) payable as follows
(A) Earnest Money Deposit. $__________ (the “Deposit”), due upon the signing of this Agreement, the receipt of which is hereby acknowledged, to be held in escrow pursuant to this Agreement. The Deposit shall be applied to the Purchase Price at the Closing.
(B) Closing Balance. The remainder of the Purchase Price is due upon the delivery of the general warranty deed at the Closing. This amount is subject to change based on adjustments made pursuant to this Agreement.
Unless otherwise stated in the Agreement, all payments shall be made in proceeds that are immediately available to Seller by [payment method]
NOW THEREFORE IT IS HEREBY AGREED AS FOLLOWS:
IN WITNESS WHEREOF the parties hereto have executed this Agreement the day and year first above written.
Buyer’s Signature: ________________________ Date: ______________
Seller’s Signature: ________________________ Date: ______________
Buyer witness
Name:
Signature
Date
Seller witness
Name:
Signature
Date
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