What Should Be Found In A Purchase Contract

Finally, after weeks and days of viewing Escondido Homes for Sale from the listings

you found in online Escondido MLS, you are now able to choose which one to buy. However, before you can close the deal and finally move in to the Escondido Real estate property that you picked, there are some paper works that you have to do first. And one of these is to make all things legal from the procedures, acquisition and the agreement process. How to do that? Well, they just have to be all in writing and it can be done by making a purchase contract. Next question, who is responsible in making the purchase contract? A buyers agent can do the job for you, if you are working with one. However, if you are doing this entirely by yourself, you can seek legal help from a lawyer or from a consultant in a financial firm. There are also few instances in which the seller is the one preparing the purchase contract and a particular situation for this is when the property for sale is bought through an auction. If you need to write the contract already but you are still clueless on what to put in it, below are some infos to help you:

1.Date

This is a very minor detail yet one of the most significant pieces of data that need not to be forgotten when making a purchase contract. Include in the paper the date you wrote it.

2.Names

All the individuals and parties involved in the buying and selling process should be stated in the legal paper. The names of every buyer and seller should be in the contract plus their street address. No matter how many buyers or sellers there are, they should all be included in the paper. Do not try to omit any one of them and also, do not forget the complete address of every name in there.

3.Price

This is basic. Do not ever forget to put the purchase price of the property that you and the seller had agreed with during the negotiation stage.

4.Address of the house

The complete street address of the real estate property or the house being sold should be stated in the purchase contract as well. If the property does not have a number in its address, make sure to at least put the block and the lot number. These pieces of information can be acquired through the local tax map. If you are investing in a condominium or a co-op, you need to give the apartment number and the building number as well.

5.Closing date and location

Closing schedule can be changed at the last minutes if there are problems with the house yet but when you write the purchase contract, it is always a must for the writer to put the address and the date when the transfer of the property happened.

6.Signature

The purchase contract should have the signature of all the names included in it. It is easy to invalidate the legality of the acquisition and the sales process if there is at least one signature missing in the agreement paper.

To know more about the details of the purchase contract, try asking an agent or a lawyer for a sample of it. This will help you to learn more on how to draft this kind of legal paper for the house you are buying.

by: Nadine Muench

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