If you are going to use your sale and purchase agreement more than once, then set it up as a template. Include blank lines for information that will change from contract to contract, such as the name of the purchaser and the purchase price.
“[Insert the name of purchaser] (‘Purchaser’), offers and agrees to purchase from [insert the name of seller] (‘Seller’), upon the terms and conditions set forth herein, the property legally described as [insert legal description]. ”[2] X Research source
See Get a Legal Description of Property for more information.
Sample language could read: “Earnest money in the amount of [insert amount] shall be paid to the Escrow Agent, [insert the name of agent and the address], in the form of check or money order. Purchaser shall deliver payment to Escrow Agent no later than 5:30 pm, five (5) calendar days after Seller’s acceptance of this agreement. ” You should also clarify that the earnest money will be credited to the purchase price.
For example, if the buyer is using cash, then include the following: “This is a cash offer. The balance of the purchase price will be paid at closing by certified check. ” You can also ask that the purchaser include a verification letter stating that funds are available. If the purchaser is getting a loan, then identify the loan type (e. g. , VA, FHA, conventional, etc. ) Also ask for a letter about the loan status and give a deadline for receiving the letter.
wall-to-wall carpeting attached light fixtures and bulbs attached mirrors heating and cooling equipment plumbing fixtures ceiling fans doors windows, screens, and storm windows built-in kitchen appliances security systems window treatments awnings fencing
Also identify any leased items in the house. The purchaser needs to know that you don’t own them.
“This offer is contingent upon the sale and close of Purchaser’s property located at [insert location] within [insert number] days. ” “This offer is not contingent upon the sale or close of property owned by Purchaser. ”
For example, you can base the proration on the previous year’s taxes, an agreed upon amount, or the most current county information. [6] X Research source
Sample language could read: “Purchaser acknowledges that it has been recommended that Purchaser hire, at Purchaser’s own expense, the services of a professional inspector to inspect the property. ” You can then include a space for the purchaser to initial. [7] X Research source
You could write, “This offer is contingent upon Purchaser, at Purchaser’s expense, obtaining a property inspection and reports. The inspection may include the structural, mechanical, pest, and physical conditions relating to the property. Written notice shall be provided to Seller or Seller’s agent within five business days of acceptance of this agreement. ”[8] X Research source The purchaser may also waive the inspection. If so, include a line for the purchaser to initial their agreement to waive inspection.
The purchaser could accept the condition. The seller could correct the condition and provide an inspector’s certification that the condition has been corrected. The purchaser and seller will negotiate a settlement. The seller does nothing and the agreement becomes null and void within a certain number of days after the seller receives the inspection reports.
there are no violations of zoning, fire, or building codes the building is not in a floodplain or a Special Flood Hazard Area there are no boundary line disputes there are no violations of setback lines, easements, or property boundary lines
Sample language could read: “Seller will convey to Purchaser good and marketable title by a valid general warranty deed. ”
A sample clause could read: “Seller is responsible for any loss or damage to the property before closing. ”
Sample language could read: “Any dispute arising out of, or relating to, this agreement will be submitted to a private mediation service. Any cost of mediation will be shared equally between Seller and Purchaser. ”[12] X Research source
For example, you could write: “This offer is void if not accepted by Seller in writing on or before [insert time and date]. Closing of the sale shall take place [insert number of days] after Purchaser’s receipt of an abstract showing marketable title in Seller or title insurance binder showing insurable title in Seller. This offer is made at [location] this [insert date]. ”[13] X Research source Insert a signature line for the purchaser beneath this statement.
Sample language could read: “The foregoing offer to purchase real estate is hereby accepted in accordance with the terms and conditions specified above. The undersigned hereby agrees to pay a brokerage fee of [insert fee amount] to [insert name of the broker] in accordance with the existing listing contract. ” Then insert the date and a line for the seller’s signature. [14] X Research source
You can find a real estate attorney by contacting your local or state bar association and getting a referral. Once you have the name of someone, call and schedule a meeting. Ask ahead of time how much the attorney charges.
