What’s Included in a Real Estate Purchase Agreement?
A real estate purchase agreement is a legally binding document that governs the purchase and sale of a property. This agreement is made between the buyer and seller and defines the terms of the transaction and the conditions that the sale will occur in. Even though a purchase agreement is most important for the buyer, it helps to know what’s included in the document even as the seller.
Whether you plan to buy or sell a house in Las Vegas, a purchase agreement is an important part of the sale. Below are the things that are included in a purchase agreement.
Basic Details of the Sale
This part includes basic information about the sale, such as the buyer’s and seller’s names, the property’s address, the purchase price, etc. Typically, the buyer’s agent will write up the purchase agreement. These agreements can also look different, as not all real estate transactions are the same.
Also included in the purchase agreement are contingencies. Contingencies refer to any conditions that must be met to close the sale, such as fixing something that turned up in the inspection, buyer financing or even waiting for the buyer’s home to be sold. If these conditions aren’t met, the buyer can back out of the contract.
Earnest money is the amount of cash the buyer pays upfront for the seller to take the property off the market. This protects the seller if the buyer backs out. Typically, earnest money is around 1 to 3 percent of the sale price and is held in escrow until the sale is complete.
Fixtures and Appliances
This part of the purchase agreement addresses the fixtures and appliances that will be included in the sale, like a refrigerator, oven and microwave. It might also include things like window treatments, ceiling fans and light fixtures.
Disclosures are any known issues or facts about the house that the seller is legally required to reveal. In Nevada, sellers must disclose any issues with the following: electrical, heating, cooling, plumbing, sewer and anything else that affects the property’s use or value.
This part of the agreement breaks down the closing expenses and which ones the buyers and sellers will be responsible for. Sellers are usually responsible for paying title and closing service fees, owner’s title insurance policy, transfer taxes and recording fees. In a cash sale, the buyer picks up most, if not all, closing costs.
Settlement and Possession
Finally, this specifies the closing date and seller’s timeline for moving out. You will have more flexibility in a cash sale because the buyers are not moving in right away. Instead, we plan to renovate the property, offering you a more flexible timeline.
If you would like to sell your Nevada house with no contingencies, a quick closing date and no additional fees or expenses, a cash sale is a great option. Contact We Buy Any Vegas House for a free cash offer. If you accept, we can close on your property in just 10 days or less!