Buyer's Guide...(4 of 5)
Agreement of Sale
Once you have found the property you wish to purchase; your Realtor will guide you through the next step of creating an Agreement of Sale.
The Agreement of Sale is the legal means by which you state your intent for the purchase of a property. Below is a list of some of the most important items which the Agreement of Sale defines between you the "buyer" and the current owner of the property the "seller".
1. Location of the property to be purchased.
2. The price you are offering for the purchase of the property.
3. The amount of money tendered as "Earnest Deposit"
4. The date by which the seller must respond to your offer
5. The date you wish to take possession of the property.
6. What items will be included with the purchase.
7. The type and amount of Financing you will be using.
8. Any additional compensation from the seller that you desire
9. Any contingencies you are requesting. These could include: home inspection, wood inspection, radon inspection, lead based paint inspection and any water or sewer inspections you may be requesting.
10. Any special clauses you may wish to add to the agreement.
Once the Agreement of Sale is accepted in writing by the seller of the property; both parties have now agreed to a binding sales agreement. It is at this time that all items in the agreement of sale will begin to be executed so that the property will successfully transfer from seller to buyer on the desired date.
