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The Real Estate Purchase Agreement
Buying any piece of real estate property whether it be a home, condominium or building requires a written agreement. This is known as the real estate purchase agreement or a sales contract. It is called for in the U.S. Statute of Frauds that all financial transactions involving real estate be put in writing to be enforceable.
A purchase agreement is entered into by two parties the buyer and the seller. Being the principals in the transaction, both of their names and signatures should appear on the document.
Other important details that need to be specified in the contract include the following:
* Legal description and address of the property. This should state the physical condition of the home and its specific location.
* The purchase price the buyer is offering.
* The amount of down payment also referred to as earnest money or deposit and who will keep it during the transaction. Usually, a lawyer acts as the escrow agent. A condition may be included as well stipulating the return of the deposit if the sale does not push through due to the buyers failure to secure a loan.
* The time frame needed to respond to the offer such as 24 hours or 48 hours. The buyer may specify this to keep the seller from accepting additional bids from other buyers.
* The party in charge to keep the deposit and to close the transaction. The closing may be handled by either the attorney or the real estate agent whichever may be agreed upon by the two parties.
* Items included or excluded in the sale. These refer to the appliances and furniture that the buyer may want to keep or discard in the property concerned such as carpeting and lighting fixtures.
* Home warranty. This guarantees the buyer that the seller will provide a clear title to the property at the time of closing. The document may either be an abstract of title, certificate of title or a title insurance policy.
* The party to pay for the closing costs. Many sellers shoulder the closing costs as an incentive to buyers. Depending on both parties, though, the costs can also be split.
* Clause for inspection and appraisal. Buyers normally ask for a home inspection to ensure that the property they are buying is in good condition. The inspection also aims to find out defects and the presence of pests, if any. The appraisal, meanwhile, is meant to determine the actual market value of the residential property.
* Mortgage contingency. This may be specified by the buyer as a guarantee that the buyer obtains a mortgage loan before closing. This may also release the buyer from the offer in the event he or she fails to get a loan.
The real estate purchase agreement is initiated by the buyer. However, its not all the time that the seller accepts the offer in its totality right away. What usually happens is that a seller will respond by submitting a counter offer that proposes some changes to the buyers conditions. Negotiations will begin only after the buyer and seller agree to the contracts terms and conditions.
Leasing commercial real estate in Tulsa, Oklahoma
Tulsa is one of the most densely populated city of United States. The population of Tulsa has been significantly increased in recent years thus, it has caused boom in property business of Tulsa. Tulsa has been home for many businesses and everyday more and more businesspersons are coming to this land Tulsa commercial real estate has shown more growth than Tulsa domestic real estate.
If you are new to the city of Tulsa, do not try to make property dealings on your own and especially if you do not have experience of property dealing. There have been cases where people tried to save money and lease commercial property in Tulsa on their own ended up with being a fraud victim. If you do not want to risk your hard-earned money then you must hire a professional agent to help you get an appropriate office in Tulsa.
Hiring a professional for your assistance in leasing property in Tulsa would not only save you from fraud attempts but it would also enable to select the right place for you to establish your business. As we all know that location of a office can play a vital role in its success so getting professional aid in this matter can be very fruitful. There are various agents who can be easily found in local markets offering their services but people usually avoid them because they are usually very expensive to hire. Large business organizations always choose these agents to be always on safe side.
If you are the person who do not want to waste his money in hiring expensive agents but still wants to make secure property leasing, then you must hire an online agent. These online agents perform all the duties of a real property agent but they are much cheaper than real agents. Some property management organizations use their good reputation to charge their customers heavily and if you are looking for a reasonable company who could make your property dealing safe on reasonable rates then Care and Associates can be the right option for you. They have successfully played their part in dealing of several office apartments, shops and domestic apartments.