Seller's Guide...(2 of 3)
Receiving the Agreement of Sale
When a buyer has found the home they wish to purchase: they will work with their realtor to create an Agreement of Sale. The Agreement of Sale is the legal means by which the Buyer states their intent to the Seller their desire to purchase property.
Below is a list of some of the most important items which the Agreement of Sale defines between you the "Seller" and the prospective "buyer" of the property.
- The Purchase price being offered.
- The amount of money being tendered as "Earnest Money"
- The date by which you must respond to the offer.
- The date the buyers would like to take possession of the property.
- What items are requested to be included with the property.
- The Type and amount of financing the buyer(s) are using.
- Any additional compensation requested of you in the offer.
- Any contingencies the buyers are requesting. These could include: home inspection, wood inspection, radon inspection, lead based paint inspection and any water or sewer inspections requested.
- Any special clauses that may have been added to the agreement.
Remember, the sales agreement should be looked at as a whole contract not just the offering price. Allow your Realtor to help you negotiate!!!!! Once the agreement of Sale is accepted in writing by you 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 you the "Seller" to the "Buyer" on the desired date.
