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A Purchase and Sales Agreement, also often referred to as a real estate contract, is the initial contract between a buyer and seller. The agreement details the terms that the buyer and seller have agreed to.
What’s In A Purchase And Sales Agreement For Real Estate
A Purchase and Sales Agreement fore real estate typically includes:
- buyer and seller information
- property details/description
- sales price of the real estate
- earnest money
- down payment
- dates for obtaining financing (and the terms of financing)
- inspection and objection dates
- appraisal and objection dates
- list of items that are included or excluded as part of the sale
- closing costs (and who will pay them)
- estimated closing date
- date the buyer can take possession
- conditions (if any) that allow the buyer or seller to terminate the contract
- conditions or contingencies (if any) that the buyer or seller must meet in order for the sale to be completed
- expiration date for the Purchase and Sales Agreement
Purchase And Sales Agreements For Real Estate Are Legally Binding
As soon as all parties involved have signed the Purchase and Sales Agreement, it is generally legally binding. If the buyer tries to get out of the Purchase and Sales Agreement, the seller might have the right to keep the buyer’s earnest money and/or enforce the agreement. If the seller tries to get out of the Purchase and Sales Agreement, the buyer might have the right to force the sale of the property and/or recover damages.
We Can Draft Or Review A Purchase And Sales Agreement For Real Estate
Real estate contracts for the sale or purchase of a piece of property might seem simple, but they’re actually pretty complicated! Whether you’re the buyer or seller of a piece of real estate, we’d be happy to draft a Purchase and Sales Agreement for you, or review one.
See also: Letters Of Intent (Purchase And Sales Agreements)
At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.
We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.