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Understanding a Purchase & Sale Agreement
Understanding a Purchase & Sale Agreement
 
Once you locate a home you would like to purchase; the next step is to have your Agent submit "an offer" in writing on your behalf to the seller. 
Important things to be aware of before your offer is presented.
Time limit for your offer- usually 48 hrs is sufficient for the seller to review your offer & respond to it. However; speak with your Agent to determine what is reasonable in your situation. Earnest Money- the amount you will deposit in good faith should your offer result in a binding contract. You will have a certain amount of days from the binding agreement date to submit your earnest money. Who will hold the earnest money?- It's usually held by a 3rd party & credited to you at closing. A good idea is to have your Agents' Broker hold it; or the closing attorney. Closing date- think about how much time you will need to close. If you're getting a loan- the type & terms of the loan will determine when you can close; which is usually 45 days. If you're in a lease- closing a few weeks before your lease expires is ideal because it ... more

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