When planning to make an offer on a home your real estate agent will provide a purchase and sale agreement. These are also available at your local library but in more generic forms. A real estate agent really should be the one to help analyze all the details of a purchase and sale contract. This is, however, an actual, legal contract. If it is not done up correctly, it could leave the seller and/or the buyer liable.
It's important to know that this is a legal document. It has been drawn up by attorneys representing both the buyer and the seller in a real estate transaction. It must be signed after all addendum's or contingencies have been completed as well. For instance, if the offer has a contingency that the buyer can conduct a home inspection before completion, this must be completed before the contract can proceed.
The purchase and sale contract is slightly different for every state but there are some basics that are similar regardless. Here are some of the basics and details to purchase and sale contract and what is required from both the buyer and the seller.
Buyer and seller's names.
The contract should state exactly who is buying the home and who is selling the home. If both husband and wife or any partners for that matter are listed on though title of the house or the deed, they must be listed as the seller. If both the husband and wife were partners are purchasing the property together, they also both must be on the purchase and sale contract. This also needs to include their legal name. If they go by something else, this has to be their legal name, which is found on the government issued identification.
The property address and description.
The purchase and sale agreement must state the actual address and legal description of the property. This legal description is usually on the properties title. A simple address may not be enough. There has to be real property behind that address, which is usually in the form of Metes and bounds, survey or factional designation. These descriptions will probably already be drawn up from a lawyer unless the property is brand-new. In this case, the developer or builder should have the proper legal description.