When it comes to selling a home, it`s important to have a solid agreement in place. An agreement for selling a home outlines the terms and conditions of the sale, and can help protect both the buyer and seller.
Here are some key elements to include in an agreement for selling a home:
1. Property details: The agreement should include details about the property being sold, including the address, legal description, and any other relevant information.
2. Purchase price: The agreement should clearly state the purchase price of the property, as well as how and when payments will be made.
3. Contingencies: Contingencies are conditions that must be met before the sale can be finalized. Common contingencies in a home sale include a satisfactory inspection, financing, and the sale of the buyer`s current home. The agreement should outline any contingencies that are included in the sale.
4. Closing date: The agreement should specify the date on which the sale will be closed, as well as any other deadlines that must be met.
5. Earnest money: Earnest money is a deposit made by the buyer to show their commitment to the sale. The agreement should specify the amount of the earnest money deposit, as well as when it must be paid.
6. Home warranty: A home warranty can provide peace of mind for both the buyer and seller. The agreement should specify whether or not a home warranty is included in the sale.
7. Disclosures: The seller is required by law to disclose any known defects or issues with the property. The agreement should include a section for the seller to provide these disclosures.
8. Closing costs: Closing costs are the fees associated with closing the sale, such as title insurance and transfer taxes. The agreement should specify who is responsible for paying these costs.
By including these key elements in an agreement for selling a home, both the buyer and seller can have a clear understanding of the terms of the sale. It`s important to have the agreement reviewed by a real estate attorney to ensure that all legal requirements are met.