The real estate sales agreement is one of the most important documents in the home-buying process, as it outlines the terms of the deal in detail. This document lays the foundation for the eventual sales contract, so it’s imperative to ensure the agreement reflects the terms you negotiated with the sellers. Below are a few of the most essential elements to check before signing.

3 Items to Check in a Real Estate Sales Agreement

1. The Address

Minor errors in the address on the agreement can lead to difficult, complex legal issues later on, so double-check this information carefully. In addition to the mailing address of the property, the sales agreement should include a clear legal description that matches the information on the title.

2. The Price & Payment Terms

The sales agreement should also include the price you agreed upon, as well as how you will be paying. For instance, it should describe whether you intend to pay in full or offer a down payment and list the terms of your mortgage. Many sellers include earnest money provisions to secure the deal, usually stipulating a $1,000 payment they’ll get to keep if you cancel the sale. However, if the deal goes through, the earnest money will usually be applied to your down payment.

3. What Is Included in the Sale

As a general rule, any fixtures permanently attached to the home are included in the sale, although there may be exceptions. Your real estate purchase agreement should describe any elements you’ve agreed to purchase along with the property, and what items are specifically excluded. For example, if the property has a shed in the backyard, is it included in the sale? Diligently read the sales section with your attorney to avoid problems down the line. 

If you’re buying a home in the Greater Boston area, the attorneys at Bernardini Law P.C. will protect your interests and provide valuable peace of mind. They concentrate solely on real estate law, so you can rely on them to handle everything from the real estate sales agreement to closing. Visit their website for more on their broad range of services or call (978) 794-5525 to schedule an appointment with an attorney.