What Is a Signed Purchase Agreement

A signed purchase agreement is a legal document that outlines the terms and conditions of a real estate transaction. It is a binding agreement between the buyer and seller, and it is typically the final step before the sale is completed.

The purchase agreement will typically include information about the property being sold, including its address, legal description, and any special features or amenities. It will also outline the purchase price and the payment terms, including any deposit or earnest money that the buyer will need to provide.

In addition to the financial details, the purchase agreement may also include information about the closing process, including the date by which the sale must be completed. It may also outline any contingencies or conditions that must be met before the sale can proceed, such as a satisfactory home inspection or mortgage approval.

Overall, a signed purchase agreement is a critical document in any real estate transaction, as it formalizes the agreement between the buyer and seller and protects both parties` interests. It is important to have a qualified attorney review the agreement before signing to ensure that both parties fully understand the terms and conditions outlined in the agreement.

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