The good thing about real estate sales agreements is that there are no standardized formats that one has to follow. Each real estate agency create its own agreement format, provided that it conforms to state rules and regulations. The purpose of a drawing up an agreement of this sort is to settle the terms between both parties (buyer and seller) and lay down the conditions that both have to abide by.
Most property sales agreements are charted out by a real estate agent, but the buyer or the seller may choose to do it amongst themselves too. However, it is best to let an agent take care of the details as he will probably know more there is to know about agreements of such sort. A real estate sales agreement can be detailed or not so much, depending on the situation of the sale or purchase. The terms and conditions of the property, how much money will be paid and over what period of time, and possession details are some of the main issues that real estate sales agreements highlight. Any loans or litigations that the property may be under, will need to be handled by the seller and the details of such circumstances will need to be charted out in the agreement.
A sample real estate sales agreement is given below for your reference:
October 1, 2016
This agreement is being made between Mr. Derek Logan (hereafter referred to as the seller) and Ms. Gina Banner (hereafter referred to as the buyer) for the sale of 2998 Brumby Lane, Cumming GA 1366. For valuable consideration, and receipt and sufficiency of which are acknowledged, the buyer and seller agree to the following:
Agreement to Sell and Buy
Upon the terms set forth in this agreement, the seller agrees to sell to the buyer, and the buyer agrees to buy from the seller.
The price of the said property will be paid on the following terms:
• Earnest money paid after the effective date of this agreement amounting to $50,000.
• At closing, the remaining amount of the sales price payable by the buyer amounts to $150,000.
• The remaining amount of $150,000 be paid in equal monthly installments of $12,500 over the next 12 months.
Property Survey and Repairs
The said property is liable for a physical survey by the buyer and upon inspection, if any repairs of maintenance issues are identified, it will be the responsibility of the seller to ensure that it is handed over in good condition.
The said property will be transferred in the buyer’s name within 30 days of payment of earnest money. Any duties or fines shall be the responsibility of the seller.
The seller agrees to hand over the said property to the buyer at the payment of the earnest money, along with all original documents, except the ones presented for transfer purposes.
Derek Logan Gina Banner
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