A Purchase and sale agreement is a legally binding document the real estate representative prepares after a buyer has indicated their intention to buy a property. It contains terms and conditions that will determine if the sale will succeed.
Steltzner Law Firm, a leading real estate law firm in Rock Hill, SC shares what a purchase and sale contract is, how it works and what to look out for.
How Does the Purchase and Sales Agreement Work?
The Purchase and sale agreement document is drawn after the buyer has made an offer on the property, and it contains vital information, terms, and conditions that might affect if the sale will be successful or not.
The seller is expected to read through the purchase and sale agreement, understand it, and make amendments where necessary before signing it. Once the seller signs the agreement, it becomes a legal document, and any error can lead to a delay in the sale.
What Are the Details of the Purchase and Sales Agreement?
- Details about the buyer and seller of the real estate
- Property information (address and a physical description)
- Processing fees and who will cover these expenses
- How the buyer will finance the property
- The closing date
- The date of possession by the new owner
- Any security deposit
- The down payment
- Property taxes that are the responsibility of the buyer
- Any contingencies requested by the buyer
- Repairs the owner must complete before the sale
- Items to remain in the home following the sale, such as major appliances or fixtures.
- Terms for termination of the sale
- Seller disclosures
Real Estate Law Firm in Rock Hill, SC
If you need help understanding the purchase and sale agreement in Rock Hill, SC, Steltzner Law has qualified lawyers available to help.
Steltzner Law is a real estate law firm in Rock Hill, SC, providing real estate legal services to individuals, corporations, and private investors.
To schedule a consultation, contact Steltzner Law Firm at 803-329-3777 or visit their website.
