65.6% of Americans own their own home.
Are you thinking about joining this group and buying a new home near Concord? Once the deal is done, you’ll be required to sign a real estate purchase agreement.
So, what is this agreement? What is the purpose of it? What types of information does it contain?
To learn more about this contractual agreement, take some advice from our foreclosure attorneys.
A real estate purchase agreement, which is also called a real estate sales contract, is a contract that the buyer and seller will sign when a home is being bought and/or sold. It is essentially a written record that is legally binding and states the result of the real estate deal that has been made.
Typically, this document is going to provide both the names of the buyer and seller, the details of the property, and information about the conditions of the purchase. It will also include the specific amount paid for the home and both the offer amount and accepted amount.
These contracts are required for home sales in Concord and beyond. Realistically, they are meant to protect both parties that are involved in the transaction.
Because it is so detailed and contains information about what both parties have agreed to, the document holds up in court if one of the parties tries to back out of the deal.
Even though the buyer and the seller are the ones that have to sign the document, they don’t draft it.
Typically your real estate agent is the one that writes up the contract. An extremely basic one would look something like this.
Once it has been written up, the buyer’s agent is responsible for modifying it to make it reflect the specific real estate transaction taking place.
After the real estate attorney makes the document, both the buyer and seller agents are going to negotiate back and forth on behalf of their clients. The end result is what is reflected in the contract.
It is crucial to review all of the purchase agreement guidelines before you sign this document. Since it is legally binding, there is no going back after you sign your name on the dotted line.
Some of the most important parts of a sales agreement like this will be extremely short and hard to notice. They may get buried under a lot of other technical or mundane jargon that you don’t even really pay attention to.
Unfortunately, if you miss something crucial that is even just one line long, you could be agreeing to something totally different than you had expected.
For this reason, you need to be very meticulous with your review and ask as many questions as you can until everything is crystal clear.
If you start to notice issues, you need to get some expert help from a real estate attorney that knows what to look for. They will be able to help you protect yourself.
If you need help with a real estate purchase agreement, we have your back.
We have a combined experience of over 50 years in real estate and foreclosure law all over the state of California including in Concord, so we know what to look for in these types of documents.
Are you interested in talking to us about your real estate investment? If so, give us a call today.