If you`re planning on selling your home, you`ll need to create a home sales agreement. A home sales agreement is a legal document that outlines the terms and conditions of the sale of a property. It`s important to have this document in place to protect both the buyer and seller.
Here are some basic elements of a home sales agreement:
1. Purchase Price
The purchase price is the amount that the buyer will pay for the property. It`s important to specify the exact amount and how it will be paid, such as a lump sum or in installments.
2. Property Description
The home sales agreement should include a detailed description of the property being sold. This should include the address, lot and block numbers, and any other relevant information.
3. Closing Date
The closing date is the date when the transaction will be completed and the ownership of the property will transfer from the seller to the buyer. This date should be agreed upon by both parties and included in the agreement.
4. Contingencies
Contingencies are conditions that must be met before the sale can be completed. This may include things like a home inspection, appraisal, or financing. The home sales agreement should specify any contingencies and the deadline by which they must be met.
5. Deposit
The deposit is a sum of money that the buyer will pay as a show of good faith. This money is typically held in an escrow account until the transaction is completed. The amount of the deposit should be specified in the home sales agreement.
6. Closing Costs
Closing costs are the fees associated with the sale of the property. These may include things like title insurance, attorney fees, and taxes. The home sales agreement should specify who will be responsible for paying these costs.
7. Warranties
Warranties are guarantees made by the seller about the condition of the property. The home sales agreement should specify any warranties that are being made, such as a warranty that the roof is in good condition.
In conclusion, a home sales agreement is an important document that should be carefully crafted to protect both the buyer and seller. If you`re planning on selling your home, it`s a good idea to work with a real estate attorney to create a home sales agreement that meets your specific needs.