| A real estate purchase and sale agreement is | | | | financial terms of the agreement. There will |
| a relatively short and straightforward | | | | be spaces to show the amount of the initial |
| contract that you can expect to sign if you | | | | deposit put on the piece of property, the |
| are either buying or selling a piece of | | | | amount of cash that is changing hands at the |
| property. While corporate level versions of | | | | time of the contract signing, any existing |
| this contract can be quite laborious, ones | | | | costs or fees associated with the property |
| designed for individual home sales from one | | | | that is being bought, like liens or any debt, |
| private citizen to another are usually only a | | | | any new loans being taken out by the buyer |
| few pages in length. Let's take a look at | | | | and then finally the total purchase price of |
| what one of these agreements looks like so | | | | the property. |
| that when you are asked to sign one, you'll | | | | |
| know your way around. | | | | The rest of the contract spells out the |
| | | | monetary figures listed above. For instance, |
| The first part of the typical real estate | | | | section one of the agreement will talk about |
| purchase and sale agreement outlines the | | | | the deposit amount, how much it was, when it |
| names of the buyers and sellers and usually | | | | was paid and how much of it figures towards |
| identifies them by social security number. | | | | the final cost of the property. The next |
| This section also states, in plain language, | | | | section will talk about the balance due to |
| the intent of the parties involved to buy and | | | | the seller and how that balance will be paid |
| sell particular pieces of property and then | | | | (cash, cheque, etc). |
| the address of the piece of property is then | | | | |
| listed. A legal description of that piece of | | | | There are often additional sections added on |
| property (single resident home, apartment | | | | to these types of agreements that outline the |
| building, etc) is then listed to clarify | | | | official closing date of the property and |
| exactly what type of property is changing | | | | when the official title transfer will occur, |
| hands. There is almost always a section that | | | | as well as any damage to the property or any |
| is used to outline any personal property, | | | | sort of catastrophic damage that might have |
| like furnishings, that are being included in | | | | happened to the property over time, such as a |
| the sale. It is very important that if you | | | | fire or a flood. |
| are buying or selling a furnished piece of | | | | |
| property that you list every single personal | | | | While the real estate business is absolutely |
| belonging here, even if it is something small | | | | drowning in overwrought forms and legal |
| so there are no legal questions later on. | | | | agreements, the real estate purchase and sale |
| | | | agreement is one of the most simplistic and |
| The next part of the typical real estate | | | | easy to follow legal forms you'll ever see. |
| purchase and sale agreement lays out the | | | | |