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You may use the Property Sale Agreement if: You are ready to sell your property to an interested buyer and would like to outline the process for the sale until the closing date. You would like to... Read more
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Making a Property Sale Agreement
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When can I use the Property Sale Agreement?
You may use the Property Sale Agreement if:
- You are ready to sell your property to an interested buyer and would like to outline the process for the sale until the closing date.
- You would like to purchase a property and want to enter into a formal agreement with the Seller regarding the terms of the sale.
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What is a Property Sale Agreement?
A Property Sale Agreement is an agreement to sell property at a future date (closing date) under certain terms. This document will define the obligations of both parties when a piece of property is being sold and will get you one step closer to selling or buying property.
Property Sale Agreements will generally include details concerning the total purchase price of the property, closing costs, title requirements, and warranties.
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How do I write a Property Sale Agreement?
Making a Property Sale Agreement online is simple. Just answer a few questions and Rocket Lawyer will build your document for you. Consider these questions beforehand to make the process speedier:
- What is the total purchase price of the property?
- What is the amount of earnest money the buyer will pay upon signing this agreement?
- Will this sale depend on the buyer receiving financing?
- What is the closing date?
If you don't have all of the details you need, you can skip questions and save your document for later.
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What is the validity of a Property Sale Agreement?
Once the sale agreement is signed by both the buyer and seller, it becomes legally binding. Once you sign a Property Sale Agreement, you can't back out without a good reason, and without facing penalties, so it's important to get the details right the first time. Make sure your real estate deal doesn't go sour by putting the details in a Property Sale Agreement.
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Who does the Purchase and Sale Agreement?
Typically, the seller's broker or agent will draft the Purchase and Sale Agreement. If the seller does not have a broker or agent, then the buyer's agent will create the agreement.
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