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NEW CONSTRUCTION PURCHASE AGREEMENT This form approved by the Minnesota Association of REALTORS, which disclaims any liability arising out of use or misuse of this form. 2009 Minnesota Association
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How to fill out bnewb construction purchase bagreementb
How to fill out a new construction purchase agreement:
01
Begin by entering the date at the top of the agreement. This is important to establish when the agreement is being made.
02
Next, include the names and contact information of both the buyer and the seller. This ensures that all parties involved are clearly identified.
03
Include a detailed description of the property being sold. This should include the address, legal description, and any other relevant details.
04
Specify the purchase price of the property. This is an essential element of the agreement and should be clearly stated.
05
Outline the terms of payment, including any deposits, financing arrangements, or installments if applicable.
06
Specify the closing date, which is the date by which the sale should be finalized and the property transferred to the buyer.
07
Include any contingencies or conditions that need to be met before the sale can be completed. This may include obtaining financing, satisfactory inspections, or repairs.
08
Specify any warranties or guarantees being offered by the seller, such as a new home warranty or warranty on appliances or systems.
09
Detail any additional items or fixtures that are included in the sale, such as appliances, furniture, or landscaping.
10
Determine who will be responsible for closing costs, such as title insurance, attorney fees, and transfer taxes.
11
Provide space for the signatures of both the buyer and the seller, as well as any witnesses if required by law.
Who needs a new construction purchase agreement:
01
Homebuyers who are purchasing a newly constructed property directly from a builder or developer.
02
Builders or developers who are selling new construction properties to individual buyers.
03
Real estate agents or brokers who are representing either the buyer or the seller in a new construction transaction.
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