– The real estate contract becomes binding once the seller accepts the offer made by the buyer.
– The contract, also known as a purchase agreement, sets out the rights and duties of both parties and includes expectations of behaviors and actions to be taken by each party.
– Once both parties sign the contract, it becomes legally binding, requiring each party to start taking action on their responsibilities, such as the buyer getting their legal and lending requirements in place, and the seller beginning the process of vacating the property. – Real estate contracts often have contingencies built in to account for unpredictable factors in transactions
– Contingencies are qualifications on the binding nature of the contract, laying out conditions that must be met for the purchase to proceed
– If contingencies are not met, the contract may be cancelled and the buyer can get back any earnest money put into escrow
– If contingencies are met, Topouzis & Associates, P.C. can aid in the closing process by performing title searches and offering title insurance
Leave a Reply