Real Estate Purchase Agreement – Online Download
The Real Estate Purchase Agreement also know as Real Estate Sales Contract or Real Estate Sales Agreement is an agreement between a buyer and seller to purchase real estate.
This 4 page Document allows you to customize:
- Buyer & sellers name
- A description & address of the property
- The purchase Price
- Any Deposit
- Time of Closing
- Condition of the property
- Option for Seller to Finance
- Termite Inspection
- Forms are available in 3 different formats:
Explanation of a Real Estate Purchase Agreement
A Real Estate Purchase Agreement is a legal contract made between the seller and the buyer. This contract details the description of the real estate to be sold or purchased, which is not merely stating dimensions, but should also include current condition, date acquired, financing, and other pertinent information which a seller should disclose to the buyer. Furthermore, stipulated in the contract are the obligations of both parties and terms of payment and other agreements which should be fulfilled before the sale is completed. This contract is drawn to ensure that both seller and buyer will execute all responsibilities so that it will be a beneficial sale to both of them.
More often than not, a seller requires earnest money as a deposit along with the sales agreement. This is just to ensure that the buyer is seriously considering purchasing the property. If in case that the buyer decides not to pursue the purchase, or the property has been found to be with faulty documents, the earnest money is returned to the buyer, sometimes with deductions (as payment for holding the property from sale in the market). The earnest money amount is agreed between the buyer and the seller. Once the buyer decides to purchase the property, the earnest money is often deducted from the total sale amount.
The real estate sales agreement is deemed valid once signatures from both parties are present in the document. Any changes to the document should be accompanied with an addendum.
If you buying or selling an existing home many states require that the sellers provide a property disclosure form. This form covers many topics including the condition of the home, repairs needed at the time of the sale, etc.