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Everything You Need to Know about a Real Estate Purchase Agreement

“Real estate” can sound like a scary term, especially when it’s your first time buying a home. Technical jargon can be an easy way for someone to get themselves worried about a house purchase, and may even make you reconsider.

The good news is that learning about the nuances of home buying isn’t as hard as you might think. Knowing about a real estate purchase agreement is your first step to understanding what it takes to get a home of your own.

Ready to learn what it takes? Keep reading to find out more and get yourself one step closer to owning a home of your own!

A Real Estate Purchase Agreement Outlines Key Places and Parties

The very first things that your housing sales contract should cover are the location of your potential home and the parties involved.

Concerning the housing location, you’ll get to know everything. From the exact address to a clear and concise legal description of that house’s history will be given to you.

You will also have a detailed description of the parties involved (i.e. you and the agent) as well as an outline of the general purchase agreement, so you’ll know exactly what you’re getting into before you sign.

Know the Prices and Terms

You wouldn’t invest in anything without knowing how much you’re paying, right? The home purchase agreement makes sure you know everything you’re getting into before you sign up.

You’ll be able to go over a number of pricing details, including the current value of the home and house seat, the relation to the price in comparison to other houses in the community, and how much you can expect to pay per installment.

Of course, one must also know the terms of what they’re getting into before signing as well. Any binding terms laid out by the realtor are told to you in-depth in the agreement, giving you ample time to know what you’re getting into.

Closing Date and Costs

The closing date of the sale should be included in the real estate sales contract, as that’s an important aspect of wrapping up the final part of the sales.

The buyer should always be well-informed on when the sale closes on the house. You will be giving the exact date and time, as well as the closing costs that are also involved.

Keep in mind that closing costs are usually covered by the buyer, but in rare cases, the seller may be willing to front the costs instead. There are also times when both buyer and seller will split the costs, so make sure you find out more about it.

Let’s Get You a Home

Now that you understand the real estate purchase agreement, you can really start preparing to purchase a new home. We can help you do just that.

At Premier Buyer’s Agent, we make it our duty to give the residents of Tennessee a place that they can call their own. With our skills and know-how, we can help you get into the home of your choosing with no problem at all.

Ready to get started? Make sure to schedule a free consultation with us today. We look forward to serving you!

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