Whether you’re buying or selling a property, you’ll have to approve a real estate sales agreement to seal the deal. Unfortunately, this legal document can be lengthy and complicated for the majority of home buyers and sellers to draw up. To learn more about what your agreement should include, review the following guidelines.

The Basics

First, you need to clarify the address of the house and give a legal description of the property and the legal names of the seller(s) and buyer(s). Then, include the buyer’s offer, which was accepted by the seller, as well as how it will be paid-a down payment in cash, a mortgage, etc. You may also outline the “earnest money”—the amount paid by the buyer with the purchase agreement, which eventually goes toward the down payment.

The agreement should specify the exact closing date and time, upon which the property legally changes hands. It should also mention any closing costs, as well as who is responsible for paying them. In some cases, the buyer or seller pays, or both parties split the expense.

The Specifics

A sound real estate sales agreement must state which items in the house will be included in the sale, and which will be taken by the current owner before the property is sold. For example, while the classification of personal items might be distinct, the seller should state whether the HVAC system, windows, kitchen appliances, and lighting fixtures will remain in the property. This is especially important if the items are in the home when the buyer views it but will be taken out before closing.

Then the seller should disclose any details about the property that could affect its value or safety as a living space. For example, by law, property owners should describe the presence and location of wells, lead paint, termite damage, and radon gas found in the property. In some cases, they may need to provide maps illustrating the location of the well or a past methamphetamine production site. 

While these are some of the essential aspects of real estate sales agreement, it’s crucial to meet with a lawyer who will ensure you don’t leave out any necessary details. Bernardini Law P.C. of North Andover, MA, will use their expertise to ensure your sale goes through without any challenges or legal issues. They can also arrange for inspections and help facilitate the closing of your property sale. For more information on their firm, visit the website, or call (978) 794-5525 to schedule an appointment.