A purchase contract is created when there is a “meeting of the minds” on all terms—when you and the seller have come to agreement and signed the offer form along with any counter-offers and addenda. Real estate contracts must be in writing; verbal contracts to purchase real estate cannot be enforced. Some of the items that you may be agreeing to may include: What personal property will be included or excluded from the sale. Who will pay for required repairs or retrofits. What the seller’s disclosure obligations will be. What the seller’s obligation to maintain the property will be. What the seller is warranting about the property. What the buyer’s inspection rights will be. What will happen in the event either party does not comply with the contract. Whether or not the buyer can get out of the contract upon an attorney review and/or other contingencies. What will the parties’ legal rights and attorney fee provisions be in the event of a breach of contract.
Troy@yakimatraditions.com
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