Understanding the Real Estate Purchase Agreement

– The real estate purchase agreement is a binding document that protects both the buyer and seller in a property transaction.
– It includes details about the property, the agreed-upon price, and the names and signatures of the parties involved.
– It also outlines the closing date, expiration date of the offer, and who will pay for pre-closing procedures. 1. Agreements often contain contingencies that must be met for the contract to proceed.
2. Failure to meet contingencies can render the agreement void, cancelling the contract altogether.
3. Once contingencies are dealt with and removed, the buyer is not allowed to back out of the agreement without penalty.
4. Successful purchase agreements move on to the agreed-upon closing.
5. Topouzis & Associates, P.C. provides title searches and title insurance for residential real estate transactions.

Getting Familiar with the Real Estate Purchase Agreement