Sellers Real Estate Agreement

Sellers Real Estate Agreement: Understanding the Essential Terms and Conditions

When it comes to selling real estate, it is important for both the buyer and the seller to be aware of the terms and conditions stated in the sales agreement. The sellers real estate agreement is a legal document that outlines various aspects of the sale, including the price, contingencies, and responsibilities of each party. As a seller, you must understand the essential terms of the agreement before signing it.

Here are some important points to keep in mind when reviewing the sellers real estate agreement:

1. Purchase Price and Deposit

The purchase price of the property is an essential component of the agreement. It should be clearly stated in the document, including any terms for payment. The deposit amount, which is typically a percentage of the purchase price, should also be specified. The deposit is usually held in an escrow account until the sale is completed.

2. Contingencies

The agreement may contain contingencies that must be met before the sale can go through. For example, the buyer may need to obtain financing or complete a home inspection. As the seller, you may also have contingencies, such as finding a new home to purchase before selling your current property.

3. Disclosures

It is important to provide full disclosure of any known defects or issues with the property. This includes disclosing any lead paint, asbestos, or other hazardous materials. Failure to disclose such issues can result in legal action.

4. Closing Date and Possession

The agreement should include a closing date, which is when the sale is finalized and the buyer takes possession of the property. The agreement should also outline what happens if the closing date is delayed for any reason.

5. Representations and Warranties

As the seller, you will be expected to make certain representations and warranties about the property. This includes stating that you are the legal owner of the property and that there are no liens or other encumbrances on the property.

6. Brokerage Commissions

If you are working with a real estate agent, the agreement should specify the amount of the commission to be paid and who is responsible for paying it.

In conclusion, the sellers real estate agreement is an important document that outlines the terms and conditions of the sale. As a seller, it is essential to understand the terms of the agreement before signing it. Be sure to review the document carefully and consult with your attorney or real estate agent if you have any questions or concerns.

This entry was posted in Uncategorized. Bookmark the permalink.