Purchase Agreement Kit
The “Purchase Agreement” is known by various names, such as -Contract of Purchase - Contract For Purchase - Agreement of Sale - Sales Agreement - Purchase Contract - Sales Contract and many others. The different names used vary according to custom, location or jurisdiction.
It doesn’t really matter what it is called as long as the documents meet the definition requirements. The “Purchase Agreement” is generally defined as a contract for the purchase and sale of real estate between a Buyer and Seller in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions.
The terms and conditions agreed upon are spelled out in the document. The Buyer and Seller confirm their agreement by signing the document. At this point the document becomes a legal binding contract and creates an obligation by both parties to perform or act in the manner outlined in the agreement.
A common misconception is that there is a standard, legal purchase agreement form, which will work in every situation. Please understand that there is no such thing as a standard Purchase Agreement Form. Buyers and Sellers may modify, delete, and add anything they wish to the agreement. Any modifications or additions must be lawful, agreed upon and signed by both parties.
In most states or jurisdictions a Purchase Agreement will actually be a package of related documents which become part of the entire offer and acceptance process.
If you are considering purchasing or selling a house, condo, townhome or any other residential unit, you must be prepared with all of the legal paperwork?
Subjects covered within our ( 9 ) page document:
* Earnest money and/or Deposit Receipt
( Disposition of Earnest Money in event of default )
* Deposits and Down Payments
* Financing
* Fixtures ( included and excluded )
* Personal Property ( included and excluded )
* Physical and Geological Inspections ( Pest ) ( Well ) ( Septic )
* Limitation of Repair Costs
* Bonds and Assessments
* Verification of Square Footage
* Destruction of Improvements
* Escrow
* Physical Possession
* Title
* Pro-Rations
* Vesting
* Contingency Release
You have the Option of Adding or Deleting any Subject