Purchase Agreements

Buying and selling homes can be confusing as a person does not do this type of transaction every day. I often get questions on “how” the process moves along and “when” do you have a deal. When negotiating the sale of purchase of a home, keep in mind that you do not have a deal until the terms you agree to mirror one another. That is why you will see an initial Purchase Agreement and then a number of counter off addendums circulating back and forth between buyer and seller. The key is to keep track of the changing terms to make sure you agree. Before you sign on the last piece of paper with the last change of terms, look back and make sure you understand all the terms from the initial Purchase Agreement to the last addendum in front of you. Also, keep in mind that the Purchase Agreement and the amendments (addendums) to it are enforceable contracts. Once the contingencies are satisfied, you are moving rapidly down the chute to closing and there are legal consequences if you get cold feet.