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How to fill out purchase and sale contract

How to fill out a purchase and sale contract?

01

Start by obtaining a blank purchase and sale contract form. You can usually find these forms online or through a real estate agent.

02

Begin by entering the date at the top of the form. This should be the date when the contract is being filled out.

03

Provide the details of both the buyer and the seller. Include their names, addresses, and contact information.

04

Specify the property being sold. Include the address, legal description, and any other relevant details.

05

State the purchase price agreed upon by both parties. Make sure to write the amount in both words and numbers to minimize any confusion.

06

Include any additional terms or contingencies agreed upon between the buyer and seller. This may include conditions such as inspections, financing, or repairs.

07

If there are any warranties or disclosures that need to be made, include them in the contract. This may include information about the property's condition or any known defects.

08

Specify the closing date, which is the date when the ownership of the property will be transferred to the buyer.

09

Determine how the closing costs will be divided between the buyer and the seller. This may include fees for inspections, title insurance, or attorney's fees.

10

Sign the contract. Both the buyer and the seller should read through the entire contract carefully before signing it. It's also a good idea to have a witness or notary present to ensure the contract's legality.

Who needs a purchase and sale contract?

A purchase and sale contract is needed by anyone who wishes to officially document the sale or purchase of a property. This contract provides legal protection for both the buyer and the seller and outlines the terms and conditions of the transaction. Whether you are buying or selling residential or commercial real estate, using a purchase and sale contract is essential to safeguard everyone's interests and ensure a smooth transaction process.

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