Purchase and Sale

9 PURCHASE AND SALE

Now that we have made it through the home inspection process, we are now ready to move into the Purchase and Sale agreement process. The Purchase and Sale agreement date is on your initial offer and is very important to have the agreement signed by the date stated in the Offer to Purchase.

The seller's attorney now prepares the purchase and sales agreement, which states the final sale price and all the terms of the purchase. The first draft is then sent to your real estate attorney for review. Your attorney will review the agreement and make any necessary changes for your best interest. Remember, your attorney is looking out for your best interest in this transaction. Once both attorneys come to an agreement with the Purchase and Sale agreement, your attorney will contact you to review. Once both parties sign the agreement, the agreement is executed, and the second Earnest Money Deposit is due*. The amount that is written in the offer is determined on several factors that your REALTOR ® will advise you about.

*If you are withdrawing your deposit from a 401k or any other retirement account, Please plan accordingly so your funds are available for your purchase and sale execution date.