 Sam
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 Posted: Fri Apr 09, 2004 2:50 am Post subject: Sales Contract |
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Sales contract is a purchase agreement between the buyer and seller of a property. The contract states the price and other terms and conditions related to the sale of the property.
Both the parties in a sales contract should execute the transaction in the presence of an attorney. A sales contract provides a list of the following details:
- A legal description of the property along with the address.
- The sale price of the property.
- Terms of the Mortgage Contingency Clause, the mortgage amount, rate and term. The number of days of submitting the application is also provided.
- The amount deposited for the contract and the person who holds it.
- The date and place of closing.
- Inclusions and exclusions in the sale of the property.
- The date when the buyers will take over the property, whether before, at or after the closing.
- The time period within which the seller has to accept the offer or present a counter-offer.
- Contingency for home inspection and the required number of days.
- Provisions for judgments in case of any dispute.
- Notices regarding property disclosure.
- The persons who will pay for termite and pest inspection, who will make repairs in case of any damage.
- Warranties included with the property.
- The insurance policy providing coverage for the property till the closing date.
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