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PROMISE TO PURCHASE BY name of Buyer, residing address of Buyer Phone: home office at Hereinafter called the Buyer TO name of Seller, residing address of Seller Phone: home office at Hereinafter called

How to fill out promise to purchase

How to fill out promise to purchase:

1. Begin by entering the date at the top of the form. This is important for record keeping purposes.
2. Provide the complete details of the buyer, including their name, address, phone number, and email address. This ensures that there is proper identification and contact information.
3. Similarly, provide the complete details of the seller. This includes their name, address, phone number, and email address. It is important to have accurate information for both parties involved.
4. Describe the property being purchased in detail. Include the address, legal description, and any specific features or conditions that may be important to note.
5. Specify the agreed-upon purchase price for the property. This is a crucial aspect of the promise to purchase, as it outlines the financial aspect of the agreement.
6. Outline any financing terms, if applicable. This includes the down payment amount, the desired mortgage amount, and the interest rate. It is important to be clear about the financial arrangements.
7. Include any contingencies or conditions that need to be met before the purchase can be completed. This may include items such as satisfactory home inspections, the seller's ability to provide clear title, or the buyer's ability to secure financing.
8. Sign and date the promise to purchase, indicating the agreement and commitment from both the buyer and the seller.

Who needs promise to purchase:

1. Homebuyers who are interested in purchasing a property and want to make a formal offer to the seller.
2. Sellers who are willing to entertain offers from potential buyers in a legally binding manner.
3. Real estate agents and brokers who are involved in facilitating the selling and buying process and need a formal document to record the agreement between the buyer and the seller.

For pdfFiller’s FAQs

What is promise to purchase?

A promise to purchase is a legal document between a buyer and a seller outlining the terms and conditions of a future real estate transaction.

Who is required to file promise to purchase?

Buyers and sellers involved in a real estate transaction are required to file a promise to purchase.

How to fill out promise to purchase?

The promise to purchase can be filled out by including the details of the property, the purchase price, any contingencies, and the closing date.

What is the purpose of promise to purchase?

The purpose of a promise to purchase is to formalize the agreement between the buyer and the seller and outline the terms of the real estate transaction.

What information must be reported on promise to purchase?

Information such as the property address, purchase price, deposit amount, contingencies, and closing date must be reported on the promise to purchase.

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