The Real Estate Encyclopedia
What Does A Purchase Contract Usually Require From A Seller?
Category - Home Buying Questions - Search & Offer FAQ's

A typical sales contract or purchase and sale agreement requires the seller to provide: (1)the full legal description of the property;  (2) a sellerís property disclosure revealing property defects or potential health hazards and structural problems, as well as itemized information on all property (including personal items) forming part of the sale;  (3) quality of title instruction or a clear legal title; (4) the sales price the seller agrees to and any funds the seller is willing to pay toward closing costs;  (5) the time frame the seller agrees to keep the contract valid to allow the buyer to obtain the necessary funds or be approved for the loan;  (6) the right for the buyer to conduct an inspection and to provide a written list of items the seller is willing to repair; (7) the date the seller agrees to close on the property and the date the buyer can take possession of the property; (8) for the condition of the property to be maintained until the buyer takes possession; and (9) the amount of the commission the seller will pay the brokers involved in the transaction.  

 
Category(s)
Home Buying Questions - Search & Offer FAQ's
Home Selling Questions - Selling Legal & Closing FAQ's
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