Question:

What is the agreement for purchase and sale of real estate like?

Answer:

The agreement for purchase and sale of real estate includes the names of buyer and seller; property location, description and condition; the price to be paid; deposit if any was made; the way purchase will be financed, and other relevant information disclosed by the seller.

The agreement for purchase and sale of real estate is a binding agreement which also includes the obligation of both seller and buyer prior to executing the sale and afterwards, such as paying repair costs, or property related fees. Usually, earnest money is requested by the seller as proof of buyer's serious intentions.

Since the agreement for purchase and sale of real estate is signed to ensure interests of both parties are preserved, earnest money is deducted from the purchase amount upon execution of the sale.

The agreement for purchase and sale of real estate is another of many legal forms that can be found and downloaded online and should not be used before required legal modifications are made by an authorized professional.

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