Real Estate Purchase Contract.

Aspen Mortgage

Step 13: Purchase and Sale Agreement

A Real Estate Purchase Contract (or a REPC), also known as "an offer to purchase" or "purchase agreement", is a legally binding contract that sets forth the terms and conditions of the purchase and sale of the agreed upon real estate property. The terms and conditions must be agreed to and signed by both the seller(s) and the buyer(s). Buyers and sellers generally get legal advise while working on and accepting this agreement.

It is important to know that there is no such thing as a "standard purchase contract" in the US. A purchase contract is essentially an agreement between the buyer and seller to purchase an agreed upon property on agreed upon terms, whatever they may be. Realtors typically use a printed form as a contract, but be informed that if there are contents that you do not agree with, would like to see modified or slashed out all together, you can do so, as long as the seller agrees.

This contract contains information such as: the present owner's name(s) and address, buyer's name(s) and address, address and description of the real estate that is being bought/sold, purchase price, transaction dates such as the closing date, home inspection finishing date, issues resolution date, also, what is and is not in the property, terms and conditions acceptable to all parties, contingencies, issues regarding escrow monies, closing costs, and much much more.