Business Purchase Agreement Information
Purchasing a home, some other form of real estate, or even personal property can be a very exciting experience. It is easy to let that euphoria overcome your sensibilities from time to time, causing you to ignore loathsome paperwork; yet this is something you cannot afford as we are all bound by it.
This is why you should hire a professional to handle the paperwork. A lawyer prepared purchase agreement - which in real estate is sometimes either referred to as "an earnest money agreement" or "residential offer" - will detail all the information required for a smooth transaction. The seller and buyer both need to know all of their responsibilities and rights as to the property. A real estate lawyer or contracts attorney can prepare this document and help you to assure your property transfer is a secure one.
The Purchase Agreement Details
A purchase agreement with ambiguities or generalities does not do either party very much good. It needs to be very specific and should contain the necessary information to answer any question either party may have, including:
- Agents - Will there be an escrow agent for the closing and will they be holding the deposit money? Will there be a closing agent at closing?
- Amount of the down payment - How much money must be paid in the initial installment?
- Clear title - A guarantee that the seller will provide an unencumbered title to the property.
- Closing date - When will the property be transferred from seller to buyer
- Contingency clauses - Provisions which allow the buyer to be released from the contract based on inability to sell present home or obtain a specific mortgage.
- Description of the property - A legal description of the property to be sold.
- Fixtures - What items (i.e. carpeting, appliances, lighting fixtures, etc.) will be included in the sale of the property? Additionally, what items will be excluded from the sale?
- Inspection - The buyer should have the ability to inspect the home prior to contract and closing.
- Non-sale - Language that explains what will happen in the event of a non-sale.
- Purchase price - How much money will the property cost?
Why Do I Need an Attorney?
There is no guarantee that a real estate agent will understand what your legal needs are in a property transfer, as their specialty is in property, not the law. Only an Attorney can provide you sounds legal advice and advocate effectively on your behalf in a contract situation.
The Law Offices of Greg Prosmushkin, P.C. can review or prepare any real estate contract and ensure that you have a purchase agreement that meets all of your needs.
This content was written on behalf of Greg Prosmushkin.