Congratulations to our seller on their accepted offer in only 48 hours!
Congratulations to our seller on their Accepted Offer!
Congratulations to our seller on an accepted offer within 48 hours!
Congratulations to our buyers on an Accepted Offer!
Lines 17-18 of the purchase agreement are for any additional items you would like included in the purchase. For example appliances are not seen as fixtures. So washer/dryer, refrigerator or anything else you would like to stay with the home goes in this section. If there is not enough room on these 2 lines, then you can add it to the further conditions section or an addendum. Some things a lender will not allow on the purchase agreement and will need to be added to a personal property agreement. For example: playsets, trampolines, hot tubs etc...
Congratulations to our Seller on an Accepted offer within 48 hours!
Congratulations to Rosemary on the sale of her home!
Congratulations to our sellers on their accepted offer!
Lines 28-32 of the Purchase Agreement are for the purchase price that the buyer is offering the seller. It also talks about the appraisal. Every purchase is contingent upon an appraisal unless the property is being paid for with cash and the buyer waives the appraisal process. If the property does not appraise then the buyer and seller have the option to adjust the price or mutually release the contract.
Congratulations to our seller on their accepted offer!
Lines 23-26 of the Purchase Agreement are to specify that all items to be included in the sale need to be in writing within the purchase agreement or personal property agreement. The seller disclosure, listing form or any other promotional materials do not guarantee the specifics of the property and what is included. For example: a community pool. It is the responsibility of the buyer and buyer agent to do their due diligence.
Lines 21-22 of the Purchase Agreement are for home heating tanks. For example: a propane tank which can be included in the sale or paid for by the buyer. In this case it will need to be an agreed upon price between the buyer and seller within 5 days prior to closing.
Purchase Agreement of Improved Property lines 54-60:
This section of the purchase agreement talks about the legal remedies if parties fail to follow through on the contract. For Example: If the buyer decides to just walk away from the transaction without due cause. The first course of action is they lose their earnest money. The seller can also file suit for specific performance or other monetary losses as a result of the buyer not closing. Also either party can seek legal council if timelines and agreements are not met and it causes a monetary loss. Having said that: my goal is to always keep people out of the court house and come up with a less cumbersome resolution if possible.
Lines 44-53 of the Purchase Agreement Improved Property:
This section of the purchase agreement deals with the disbursement of the earnest money if a transaction does not close. Traditionally a mutual release is fully executed and the earnest money is delivered back to the buyer. In the event that an agreement cannot be made and the seller is determined to keep the earnest money, then they can send a 60 day letter to the buyer. The letter will say they intend to keep the money and the buyer then has to file suit within that 60 day period. If the buyer does not act within this 60 day period then the broker will release the funds to the seller. The seller should be positive that they are in the right and seek legal consultation to determine their exposure.
Congratulations to Adam and Maddie on their new home!
Purchase Agreement Improved Property: Lines 38-43
This section of the purchase agreement explains who is to receive and deposit the earnest money check. Traditionally the listing broker will receive the earnest money and are required to deposit within 2 banking days after receipt. That can be changed dependent upon the situation. For Example: if I am dealing with a For Sale By Owner I will have either my brokerage hold and deposit the earnest money or the title company. This is to ensure the earnest money is dealt with in accordance to the contract.
This section also deals with returning the earnest money if the offer is not accepted. I typically do not suggest delivering earnest money until an accepted offer is received.
Continuation of the Purchase Agreement explanation:
Lines 34-37 of the Purchase Agreement Improved Property:
This is the earnest money section of the purchase agreement. It is common practice that the buyer will offer 1% of the purchase price in earnest money at the beginning of a transaction. There is an agreed upon timeline of when the earnest money will be delivered as well. Traditionally this is 48-72 hours unless it is an out of town buyer. This is a contingency within the contract and the contract can be cancelled if earnest money is not delivered within the agreed upon timeline.
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Thankful for my new and return clients. 60 Homes sold in 2020. Cheers to 2021!
Sold $9,000.00 above list price after only 5 days on the market!
Lines 65-74 of the Purchase Agreement Improved Property: This is the section of the purchase agreement that goes into the mortgage types for the purchase. The most common are Conventional, Insured Conventional, FHA, and/or VA.
This section also talks about points that can be added to the the loan to buy down the rate. Today rates are too good for this or should be.
If you want closing costs this is the section to write it in as well. Certain loan types have different caps for closing costs. If you have specific questions in regards to this send me a DM.
