Real Estate Purchase Agreement: Understanding It Inside and Out

Buying a home, especially for first-timers, can be a wholly thrilling and scary experience. It also comes with a ton of paperwork and contracts. One of these include your real estate purchase agreement. Want to know more about that? Here are some tips to help you understand that legally binding agreement, inside and out:

Contents of the contract

The contract will contain the identification of both properties, the real estate property and the purchase price you and the seller agreed on, says The Balance. It will also contain important details about the rights and obligations of both parties. The contract must also contain contingencies or conditions that must be met. The condition of the property will also be included in the contract, along with what’s include in the property or not, like furniture. The deposit amount, closing costs and who pays what services along with the prospective date of closing must all be included in the contract. It must be signed by both parties to be legally binding.

Types of contingencies

These situations include getting a mortgage or hiring an appraisal service to check out the property. Asking a professional to come over to professionally inspect the property for potential damage and repairs also falls under these conditions. For more information about this, seek out the services of an experienced and dedicated estate planning lawyer in Downers Grove.

The money deposit

You’ll need to pay the deposit when you sign the contract. The payment is then held in escrow by a third party or by the seller’s real estate attorney. In case you can’t go through with the sale, though, due to financing limitations or lack of financing, an estate planning lawyer in Downers Grove can help you so you won’t get sued for the non-completion of the contract. For more information, engage the services of a legal counsel right from the start.

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