Need of Real Estate Purchase Agreement
Sunwest Escrow is here to help you through the home buying and selling process. We’re available to answer all your questions regarding real estate contracts and owner financing. We recommend that all prospective buyers and sellers first understand the details of a real estate purchase agreement and why it’s perhaps the most important contract in the transaction. The Need of a Real Estate Purchase Agreement A real estate purchase agreement, also referred to as a real estate contract, is a key part of your real estate transaction. This is a written contract between buyer and seller confirming that the property will be sold for an agreed-upon amount. To be legally classified as a real estate purchase agreement, this contract must meet four specific requirements: It needs to follow all legalities regarding the purpose of the agreement. It must be in writing. It must list proof of offer and proof of acceptance. It must identify which articles of value will be exchanged f