A Purchase Agreement Solidifies Your Sale: Here’s What You Need to Know Before Signing
As a seller, you’ll first encounter a purchase agreement when you receive an offer from a buyer. The purchase agreement outlines the buyer’s offer price, along with contingencies, financing terms, closing costs, possession date, and more.
You must meticulously review the purchase agreement before you sign and turn the document into a legally binding sales contract. A minor oversight can lead to home sale delays — or worse, trap you in a bad deal. With insight from a top real estate agent, we’ll walk you through the ins and outs of purchase agreements, so you understand the role this document plays in your home sale.
A purchase agreement is an offer that evolves into a contract
A purchase agreement, also known as a real estate sales contract, is the document the buyer and seller use to detail the sale price and terms.
“The purchase agreement not only sets the price being offered by the buyer but also terms and conditions,” says top real estate agent Jeffrey Cummings, who has 17 years of experience in the Greater Indianapolis Area. He shares that the document typically is seven to 10 pages long.
