Agreement of Purchase and Sale

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After completing the representation agreement, it is time to explain the Agreement of Purchase and Sale. This agreement is the most complex documentation in real estate. Additionally, it has many parts that the client needs to the agent’s advice. In this post, we are trying to explain simply each part.

Our job is to know every sentence of the agreement, and we are able to explain each clause in simple, and understandable terms. all sellers and buyers look to us for guidance. We achieve respect through hard work, professional knowledge, and continuously updated skills.

An Agreement of Purchase and Sale is a written contract between a seller and a buyer for the purchase and sale of a particular property. Additionally, based on the agreement, the buyer agrees to purchase the property/business for a certain price. Also, each agreement has different clauses for the seller and the buyer.

Clause By Clause Review:

Page one (1) is the buyer and seller lines. generally speaking, it is about their full legal names, the date of the agreement, and the address of the subject property/business. In addition, we can see the purchase price and the amount of the deposit on page one (1). The deposit is holding in the listing brokerage trust account.

Also, at the bottom of the page, we can see the date of the closing (Completion Date) and two spots for the buyer and the seller to initial. Additionally, there is a clause called Irrrevocability. this section provides the due date to the seller/buyer. It means they should sign the agreement before that date. If time passed, the agreement is dead.

In future posts, we will explain other pages of the agreement. Our team is here to help our clients have wonderful deals. So, if you need our help, please reply today!

BABAK MEHRABI

https://www.orea.com/

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