Once a qualified buyer has been found, it’s our responsibility to negotiate a purchase agreement with terms, price, closing date, possession date, etc., that are satisfactory to you. We will be working directly with the buyers, if our customers, or the agent who represents the buyers.
While our objective is to achieve a transaction that is acceptable to both you and the buyer, remember that our obligation is to you and that we are working in your best interests.
We can furnish sample purchase agreements to assist you in understanding the various types of financing available to a prospective buyer.
The Purchase Agreement…
and What You’ll be Looking For
- 1. The day, month and year.
- 2. The exact names of the parties making an offer.
- 3. An accurate description of the property (legal, if available).
- 4. The price and complete terms of payment, including allocation of financing costs, if any.
- 5. The type of deed which will be given, the time of delivery of the deed, and the possession date.
- 6. Specifics regarding any rent to be paid when possession is significantly later than the date of closing.
- 7. Who is to pay the real estate taxes and any current or pending assessments.
- 8. The date and location of the closing of the sale.
- 9. A complete description of personal property included in the sale.
- 10. All the terms and conditions spelled out which have been verbally agreed upon by buyer and seller.
- 11. Is the sale subject to any contingencies?
- 12. An estimate of selling costs your agent will prepare for you which will reflect the net proceeds you can expect from the purchase agreement under consideration.