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Do's and Don't on Purchase and Sale Agreement

January 26th, 2013 7:42 PM by Sam Kader

 What we are looking for on a Purchase and Sale Agreement:

  • Do sign and date the contract. The contract must be fully signed by buyers and sellers. No work can be done until then.
  • Do not attach "Non Realty Items Addendum" with the contract. A bill of sale can be included but it should be separate from the contract.
  • Do not add seller concessions in lieu of repairs. All repairs mentioned during property inspection must be fixed prior to the appraisal being done.
  • Do not include copies of inspection report.
  • Do provide name and phone number for title and escrow company.
  • Do provide Home Owner Association's contact information.  
  • Do include all addendums and changes to the contract. We need to see all pages.
  • We can do shorter closing. However, do allow at least 30 days starting from the date of mutually accepted contract.
  • Do include an amendment signed by all parties if you are giving any type of "credit" at closing even if selling broker is giving credit to the buyer's closing costs.
  • Effective October 3rd 2015 - information provided on the Purchase and Sale Agreement with all addendums must be 100% correct up-front to avoid delay in closing.

 

 

Posted by Sam Kader on January 26th, 2013 7:42 PM

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