Purchase And Sale Agreement

Question 1

Title and closing

Answer 1

Seller is to give title by closing date. Seller to make a good-faith effort to cure any title defects during a 30 day. If not (Buyer) has the option to except title as is or void this contract.

Question 2

Possession

Answer 2

Buyer gets possession of property after closing unless otherwise agreed in writing.

Question 3

Risk of loss

Answer 3

Seller is obligated to repair any damage to property or void contract. Seller is obligated to deliver property as it was. Buyer shall have the right to view the property within 24 hours prior to closing to see if property is all set.

Question 4

Due diligence

Answer 4

Buyer is encourage to seek professional info about the property.
Contingencies and such.

Question 5

Contingencies

Answer 5

Buyer has a certain amount of days to look into contingencies. Fire able to back out if contingency is not met or agreed upon.

Question 6

Property disclosure form

Answer 6

Stating that the buyer received A copy of the property disclosure form

Question 7

Default/return of earnest money

Answer 7

Either party has the right to back out if one defaults and get earnest money if they have written consent.

Question 8

Mediation

Answer 8

Can be resolved with a professional mediator.

Question 9

Prior statements

Answer 9

No outside agreements. Everything is included in this contract or in an addendum that is noted in this contract.

Question 10

Heirs/assigns

Answer 10

If seller dies contract is still in effect.

if (Buyer) dies it is voided.

Question 11

Counterparts

Answer 11

You can have (copies emails, Docusign and fax etc.) and is still a binding contract and legal.

You do not need the original copy in order to be binding.

Question 12

Notice

Answer 12

If you tell the agent you told their client.

Question 13

Effective date/business days

Answer 13

The comes effective once both parties sign. And have been communicated to both parties.
Days mean business days.

Question 14

Confidentiality

Answer 14

Giving the agent permission the right to disclose this contract to others for closing purposes.

Like attorneys, lenders, appraisers, inspectors, investigators etc.

Question 15

General provisions

Answer 15

A. a copy is to be received by all parties.

B. out-of-state clients must pay they withhold tax unless they get a waiver.

C. property taxes will be split between who owned property on what day and such.

D.buyer acknowledges that back up offers are still to be received to seller.

E. Agency acting as escrow must comply with the main real estate commission for releasing earnest money.