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Purchase Agreement

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Buyer FAQs (Purchase Agreement)

Question: There were several things that the seller had agreed to repair in the purchase and sales agreement, but they have not been completed and my closing date is approaching. What can I do? (Purchase Agreement)

Answer: This is a prime example of why you need representation when the Purchase and Sale Agreement is created…to protect your rights. According to any standard purchase and sale agreement, if the seller is not ready to hand over possession of the property, and/or has not met the requirements set forth in the agreement, then you could either cancel, or extend the contract. If you are committed to the purchase, an extension would be your best choice.

Question: Why do we need a purchase and sale agreement when we have already negotiated everything in the Offer to Buy?

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Answer: The offer to purchase sets the price, deposit, closing date, amount of mortgage, and right for the buyer to have the property inspected. The purchase of sale agreement is a final agreement on all of the above, as well as closing provisions.

Seller’s FAQs (Purchase Agreement)

Question: If I have already signed an offer with a buyer, but realize that I did not ask enough for my property, what can I do?

Answer: The sale price was actually set in the Offer to Purchase, which would have been signed by both buyer and seller at this point. Once the seller has signed the offer to purchase, and agreed to the terms, there is usually no more negotiating to be done.

Question: Am I required by law to tell the buyer everything about the house? What if there is something wrong that I am not aware of, will I be liable? (Purchase Agreement)

Answer: In most real estate deals, it is up to each party to protect themselves. The buyer is to hire an inspector to check the house and a real estate attorney to look over the paperwork, for example. Termite inspections, lead paint inspections, etc are all the responsibility of the buyer to ask, however, most states do require that the seller provide that information before signing. A real estate lawyer can help you determine what information you are required to give.

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