Real estate purchase agreements detail important terms

On Behalf of | Dec 14, 2020 | Uncategorized |

Involvement in a real estate transaction can be a costly affair. Because no Ohio resident wants to be taken advantage of when purchasing a home or other property, it is important that real estate purchase agreements are created correctly. These agreements are legally binding and can include essential information needed for the completion of the transaction.

Buying real estate is not like buying other assets. Typically, the costs involved are significant, and if anything goes wrong with the property, substantial losses could occur. As a result, it is important to include the property details in the purchase agreement. The details could include a description of the property, its location and the condition of the property at the time of purchase. These details could be important if the buyer tries to later claim that the property was in terrible condition after purchasing it.

Of course, many other terms go into this type of agreement, and some examples include:

  • The parties involved in the real estate transaction, including the buyers, seller, real estate agents and real estate brokers
  • Purchasing price
  • Details regarding the financing of the property
  • The rights and responsibilities of the buyer and seller
  • Any contingencies that the transaction might hinge on, such as financing or inspection results
  • Any items included in the sale, such as appliances in the home or furniture
  • Closing date

This is not an exhaustive list of everything real estate purchase agreements could include. As a result, Ohio residents looking to buy property will certainly want to ensure that their agreements include everything pertinent to their specific transaction. Because these documents are legally binding, working with experienced real estate attorneys may be in the interests of those involved.