Home buying comes with plenty of forms to fill out, but none will be more meaningful than the real estate purchase agreement – a document that puts both you andthe seller on the same page when it comes to sealing off this special deal.
Real Estate Purchase Agreement
A purchase agreement is a legally binding document the buyer and seller sign to govern the transaction. It defines all sorts of terms and conditions.
- Full legal names and contact information for both parties
- The address of the property, a description, and fixtures included and excluded from the sale
- Contingencies or, essentially, conditions on the sale, like a “condition to financing” (whereby the sale falls through if a buyer can’t get mortgage approval) or “condition to inspection” (whereby a buyer can professionally inspect the home to ensure it’s in working order).
- A timeline for closing and a possession date
- Closing costs and responsibilities
- And any other grounds for terminating the agreement
Who drafts the RPA?
Your real estate agent drafts the agreement, which is why it’s essential to find trustworthy representation in life with your values and needs.
Especially where contingencies, termination options and disclosures are concerned, you want to know that your real estate agent is
- thorough and,
- respectful of your unique financial situation and risk tolerance.
What should you do before signing RPA?
As with any contract, the key here is to execute due diligence. Read the agreement front to back, and make personal notes if necessary. If there are any terms, figures or lines of verbiage you don’t understand, ask your real estate agent – that’s what they’re here for!
Connect with us today if you have any questions about the home buying process! ???? Shea Preferred Realty Group
#realestate #realtor #arizonarealestate #arizonarealtor #eastvalley #eastvalleyarizona #queencreek #qcliving #queencreekliving
