NEW CONSTRUCTION

P & S AGREEMENT

• An offer to purchase real estate may be a BINDING contract. You can be obliged to sell your home before you ever sign a purchase and sale agreement. Please be sure to understand the consequences of what you're signing. The insertion of contingency language in an offer to purchase is absolutely necessary, so you can negotiate more specific language to be inserted into the purchase and sale agreement. An attorney can assist you in preparing an offer to purchase.

• There is nothing "standard" about a purchase and sale agreement. Certain contingencies and legal language can be implemented into a purchase and sale agreement that can protect the seller. All the details surrounding the sale of the real estate should be included in the purchase and sale agreement. Verbal agreements, no matter how seemingly trivial, between you and any party always should be avoided. An attorney can draft and negotiate a purchase and sale agreement on your behalf.

• The purchase and sale agreement should contain detailed language about who shall hold deposits and how deposits shall be held.

• The seller typically prepares the deed for the closing.

• The seller obtains smoke certificates and final utility readings prior to the closing.

• Typically a realtor will charge $18,000 to sell a $300,000 home. Although an attorney will not help you sell your home (but may be able to provide some sales tips), he or she usually can address the issues discussed above for less than $800.

The information presented on this Web site is not legal advice, but for informational purposes only. ( See full disclaimer ).