What is a purchase agreement?

A purchase agreement is a legal document that explains a real estate transaction between a buyer and seller in Washington. It outlines the details of the sale for both parties. This includes the terms and conditions of the sale, such as the purchase price, a description of the property, and the payment plan. It also outlines any special conditions, such as who is responsible for making repairs and paying associated costs. The purchase agreement is an important document and should not be taken lightly. It is a binding agreement and should be read and understood carefully by both parties before signing. Once signed, the agreement is legally binding and both parties must adhere to the terms of the agreement. If any party fails to abide by the terms and conditions of the agreement, legal action may be taken. Once the purchase agreement is signed and all paperwork is in order, the closing process begins. During the closing process, the buyer and seller exchange funds and transfer the deed to the property. The seller also has the option to provide the buyer with a warranty deed, which guarantees that the title to the property is free of any liens or encumbrances. The buyer assumes responsibility for the title to the property once the purchase agreement is signed and the deed has been transferred.

Related FAQs

What is the role of a real estate agent in a real estate transaction?
What is the difference between a condo and a cooperative?
What is a ground lease?
What is a purchase agreement?
What rights do I have when my property is subject to an eminent domain seizure?
What is an environmental impact statement?
What are the legal requirements when forming a real estate trust?
What is the difference between a lien and a security interest?
What are the laws regarding zoning and planning?
What is a quiet title action?

What is a purchase agreement?

Related FAQs

Related Blog Posts