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What is Real Estate Purchase Agreement?
The real estate purchase contract is the document that binds the seller and buyer of the real estate property. It is a contract that can be created by the real estate agency or used by the buyer and seller alone to officially fixate the transition of the property mentioned in the agreement in exchange for the arranged price. Both parties have to agree upon the price in advance.
If one party does not sign the document, it is considered to be illegal. If one party wants to make amends, it must be done before the document is signed or, on rare occasions, after an agreement between seller and buyer in the presence of a real estate agent and witnesses. The money can’t be paid before the contract to purchase real estate is signed. Only after both parties sign it the money deposit must be paid. After that, you need to fill out another form.
If the demands of both parties are met, the amount of money the buyer pays is nonrefundable. If you don’t want to make mistakes in the contract, consult with the real estate agent. Some people use the help of an attorney to make the document more trustable.
What I need the Real Estate Purchase Agreement for?
- As a seller, you need the contract for sale and purchase of real estate to describe the real estate property, fixate the price you originally agreed upon, and notify the other party of the deadlines and the best ways to provide the money. You can include the extra conditions if they were originally agreed upon and extra guarantees if you want;
- As a buyer, you need to fill out a real estate purchase contract template to protect your money and make sure that once the transaction is made, you become the real owner of the property. This document can be later used in court since it is legally recognized by authorities. If you want to make amendments after you sign it, you need to agree to do it with the other party.
How to Fill Out Real Estate Purchase Agreement?
There is nothing complicated in the real estate purchase contract form. You will quickly learn how to sign it. All you need is to open it on a PDF editor like PDFLiner, which offers to fill out the form online, read the description, and use the tools you see in front of you to provide the information required in the empty sections. The document contains standard demands for both seller and buyer.
Read these demands, and change if you need, but consult with the lawyer or real estate agent about these changes in advance. Once you fill it out, email the document to the other party. Don’t forget to save the original version on your device. You may also print the document and hand it to another party. Here is what you need to include there:
- Provide the name of the broker, buyer, and seller;
- Describe the property and include the address there;
- Fill in the section on the money deposit that must be provided, purchase price, and financing;
- Indicate the home protection plan, taxes;
- Sign the document and let the other party sign it.
Organizations that work with Real Estate Purchase Agreement
- Real estate agencies;
- Buyers and sellers of real estate.
Fillable online Real Estate Purchase Contract