Purchase Agreement Crucial Before Buying Property

If you plan to buy property, the best time to talk to an attorney is before you sign a purchase agreement.

The purchase agreement—sometimes called a buy-sell agreement—normally is a binding contract that sets the framework for closing.

For example, the agreement controls the purchase price, inspection rights, use of a particular form of land contract or deed, allowable grounds for terminating the agreement and liability if you don’t perform.

These are all important, and the provisions in the agreement may be contrary to your best interests.

The buy-sell agreement also specifies who pays closing costs and how taxes are divided between the buyer and seller.

Failure to understand these provisions could result in substantial unexpected closing costs.

Once you sign the buy-sell agreement, it is often too late to change.

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