The Contract Of Sale For A Home Purchase

By
Real Estate Agent with William Raveis Legends Realty Group 30PA1082583

The Contract for sale is prepared by the Sellers attorney, usually after a satisfactory Home Inspection has been performed.  The Contract will then be sent to the Buyers Attorney for review and the Buyers signature.  Most of the time the contract is standard, but the terms and conditions will reflect was has been agreed upon in the transaction.  From Inspection issues to any other contingencies like Mortgage, Appraisal, or Home Sell to name a few.  The Buyers attorney will carefully review the Contract and make any changes where he/she feels necessary.  Once those changes are agreed upon by the Sellers attorney the Buyer will then schedule an appointment to meet, review, and sign the contracts.  The down payment check is left with the Buyers attorney to be forwarded with the signed contract to the Sellers side.  A personal check is acceptable but if it bounces the Contract is almost always considered void. 

The Sellers attorney then deposits the down payment check into an escrow account to sit until closing.  The Seller will then make arrangements to sign the contracts and once they are released and sent back to the Buyers attorney fully executed, the deal is officially "In Contract". 
The Buyers attorney will keep a copy and forward another to the Buyer so that they may continue the loan process.  The Bank needs a fully executed cContract in order to process the Loan application and order an Appraisal.  The Buyers attorney will then arrange for a Title Search of the property.  This can take anywhere from five days to two weeks to complete.  I will get into the Title Search and the Property Survey in more detail next post.

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Rainmaker
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Nyles Courchesne
Peskin, Courchesne and Allen, P.C. - Springfield, MA
Massachusetts Real Estate Attorney

I think it is great that you are going over the timeline of the purchase.  Great Post!

Mar 22, 2009 03:35 PM #1
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Rainmaker
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Christopher Pagli

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