If you’re considering buying or selling a home, you may have questions about real estate purchase agreements and the role they play in each process. With over 25 years of experience, Steve Butcher Sr., Esq. of Rochester, NY, has the expertise to tackle the most complicated questions. This respected real estate lawyer can explain complex transactions in terms you will understand, allowing you to make a more informed decision.
What Is A Real Estate Purchase Agreement?
When it comes to the buying and selling of a residential property, a real estate purchase agreement is an essential component. This document lays out the terms of a real estate exchange, and can be used for virtually any residential property—provided construction is complete, or the home has a previous owner.
What Should Be Included In A Real Estate Purchase Agreement?
For a real estate purchase agreement to remain comprehensive, the document should contain a few key elements. A description of the property, along with all relevant details, should always be included. This document should also disclose dates related to closing and possession of the home, information on the buyers and sellers, and methods for the resolution of conflicts. A real estate lawyer can assist you in determining whether your purchase agreement is acceptable.
What Are Some Financing Options?
The buyer can purchase the home using a loan procured from a bank or financial institution, or the seller can finance the exchange on behalf of a buyer (this usually occurs when the mortgage has been paid in full). Assumption is another option, which entails the buyer assuming responsibility for the seller’s existing mortgage. In most cases, the buyer must offer a deposit on the home, which will be included in the purchase price or returned if the sale is canceled.
When it comes to real estate transactions, the right lawyer can make all the difference. Contact Steve Butcher Sr., Esq. to take advantage of his breadth of knowledge and client-centered approach. If you’d like more information on the full range of legal services offered, visit him online. You can also arrange a consultation with a real estate lawyer in Monroe County by calling (585) 263-2444 today.