Residential Purchase Agreements

This agreement can be used for any purchase or sale of property as long as the construction of the house is completed before the closing date of the contract. If you`re ready to create a sales contract, contact LegalNature for a step-by-step guide. Our real estate sale contract protects your interests and puts you on the path to a quick and simple conclusion. If you take a look for the first time at the contract of sale of the property you want to buy or sell, you may feel overwhelmed. Often a long-term document, the agreement may contain several unknown terms and concepts. It is essential that you fully understand these concepts before signing. This manual contains several elements typically present in sales contracts and their impact on the buyer and the seller. Step 3 – Identification of the property for sale – Next, you want to describe the property sold/bought by typing: For buyers, the closing costs can be from 3% to 6% of the purchase price. Closing costs may be slightly higher for sellers. Some states require sellers to disclose the location and status of wells on the ground – or if the seller is unaware of existing wells. If the seller knows of wells, the sales contract disclosures must contain a map that highlights the exact location of each drilling site. The seller must also indicate whether the well is sealed or is currently in service. The sales contract often involves serious money requirements.

Serious money is used to confirm the contract; Prices vary from purchase to purchase, but buyers can usually expect to pay at least $1,000 $US. In most cases, the serious money is paid to the eventual count. Some sellers may choose to add contingencies that provide for the forfeiture of serious money if the sale does not pass due to financing issues.. . .

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