Things To Know About A Purchase Agreement When Buying A House

Shopping for a house is an opportunity that allows you to see a variety of different homes that are all for sale, and you will get to choose whichever house you would like from the properties you view. When you find the right home, your agent will suggest writing a purchase agreement for the home. Here are three important things to know about purchase agreements.

A purchase agreement must be in writing

To buy a house, you must have a purchase agreement, and this agreement must be in writing. It needs to include the names of all the parties involved, the location of the house the offer is for, and all the details of what your offer includes or is asking for. You cannot make a verbal offer on a house and expect it to stand. Offers must be in writing, and your real estate agent will be able to write up the offer for you.

It should be very clear and specific

The second thing you should know is that the purchase offer you write up must be very clear and specific. Writing up a clear, specific offer will help both parties know exactly what the agreement is and will help eliminate confusion in the weeks to come. Your offer should clearly state the price you are offering as well as the contingencies you are including. If there is a problem with the sale of this house, lawyers will analyze the purchase agreement to determine how to settle the matter. If your agreement is very specific and clear, settling the matter should be very simple.

The offer is binding

The other thing you must understand about a purchase offer is that it is a binding agreement once the seller of the house signs the agreement. When the seller signs it, you cannot simply back out of buying the house just because you changed your mind. You can, however, back out of the deal if you have a legal reason to back out. Before you write a purchase offer, make sure you really want this house and that your purchase offer includes all the specific details of what you are asking for in the deal.

Writing up a purchase agreement is the first step towards making a home yours, but it is a big step that you should not rush into. To learn more about purchase offers or other steps of buying a home, contact a real estate agent in your town like those at Spears & Co Real Estate.