Contract Of Purchase And Sale
Shane Harder
When your selling your home, understanding the contract of purchase and sale is the most important thing you can do. For the most part you should have a realtor that can explain this contract. When you are considering that initial offer to purchase your property I would recommend that you get independent professional advice. If you have decided to sell your home independently, you should always hire the help of a lawyer to review this contract. For an agreement to be legally binding it is important to verify that the full legal names of all parties are correct, as well as the legal description, address and lot size. If all this information is accurate and does not need to be altered then you may actually have a workable contract. However, If the information is inaccurate, it must be corrected and initialed by both the buyer and the seller.
When you receive one or more offers to purchase your home, it is in your own best interest to give considerable time and attention to viewing each offer carefully. Let’s take a look at some of our options
1. Accept an offer.
If you happy with the price and the terms, then it’s time to accept the offer! Once you sign that you have accepted the offer, it becomes a legally binding contract.
Legally binding means both partys will be bound by the terms of the contract. Your agreement can be enforced in a court of law.
So, If you are uncertain about any of the clauses contained in the offer, you may wish to consult a lawyer before signing the contract.
2. Make a counter-offer
If your not happy with something on the contract, it’s not a problem! Just cross it out and make the change. But be aware that you are considered to have rejected that offer and to be making a new offer from you to the buyer. This new offer is usually referred to as a "counter-offer." Be aware that if the buyer has changed his or her mind and rejects the counter-offer, you do not have the option to return to the original offer and accept it.
3. Reject the offer
Don’t worry, you are under no obligation to accept any offer.
When selling your home it’s important not always take care of the paper work. Make sure you have a qualified realtor and lawyer working on your behalf. Simple errors could cost thousands of dollars in court and waste hours upon hours of time.
Shane and Sheleana Harder own and operate BCHN.com, working to provide their clients with nothing but the best in quality education.
Contract Of Purchase And Sale
