You should use this agreement if a) you are a potential buyer or seller of real estate, (b) define the legal rights of each party to the sale and (c) define the respective obligations of each party before the transfer of ownership. What is Earnest Money? Earnest money is the surety that a buyer puts to show his interests and seriousness when buying the residential property. If the contract is executed, the amount is credited to the purchase price. If the sale fails, the money will be returned to the buyer. Imagine that this document is a roadmap for the period between the signing of the agreement and the conclusion of the sale. A real estate purchase agreement does not transfer the title of a house, building or land. Instead, it provides a framework for each party`s rights and duties before the title can be returned. The first article, « Me. The contracting parties « make the opening statement of this agreement. The language was designed to define the intent of both parties, it will require unique information for the eventually recorded situation.

Start with the month, double-digit calendar day and double-digit calendar year when this paperwork takes effect with the first two empty lines of the first instruction. Now we focus our attention on the different parties that conclude this agreement: the seller and the buyer. The second statement contains four spaces that should be used to identify the buyer. Produce the full name of the entity that intends to acquire the seller`s property on the void connected to the « buyer » parenthesis label. The following three empty spaces have been included, so we can save the declared buyer`s « mailing address, » « city » and « state. » The seller should also be defined in this part of the agreement. Be sure to enter the full name of the owner of the property on the empty space called « seller. » Here, too, we need to provide some additional information. Use the following three spaces to enter the postal address, the city and the status of the entity that sells the dwelling in question. In the following article, « II. Legal description, we will focus on residential property sold to the buyer. First, we need to define the type of property that it is. To this end, a list of items in the box has been added. Check the box that best defines the property sold.

You can mark the edgy box titled « Single-Family Home, » « Condominium, » « Planned Unit Development (PUD), « Duplex, » « Triplex, » « Fourplex » or « Other. » Note that you must specify the definition of the empty line associated with this selection if you select the « Other » field as a description of that property. The next section of this article must provide an empty area called a « road address. » Put the exact physical location of the property in question on this line. This should include the accommodation building number, road/road/road/road/etc. Name, applicable unit number, neighbourhood/city/county, Land and postcode if the accommodation in question can be viewed and physically accessed. We will continue this report by providing its « tax package information » on the next empty line available. This information can be called « Parcel ID » or « Tax Map – Lot Number » depending on the county.