Buyers August 24, 2022

Anatomy of a Purchase Agreement

If you’re thinking about purchasing a piece of Westport CT real estate you will likely be presented with a purchase agreement.  A purchase agreement is entered into by the buyer and seller of a property and it outlines a set of parameters for the sale.  Let’s say, for instance, that there is an additional refrigerator in the garage that you want the seller to leave behind when you purchase the home, this is something that could be added to the purchase agreement.

While the details of each purchase agreement can vary, the structure and basics of an agreement are generally the same.  It is important, before you decide to make an offer on a home that you know what you may want included in a purchase agreement so it can be presented to the seller in a complete manner.  As your REALTOR® this is something I can help you to get right so you have a smooth purchase of your home.

As we sit down together to write out a purchase agreement we will want to include the following items;

1.)   The most common items included on a purchase agreement include things that you might consider the “logistics” of the purchase.  The logistics would include things like the buyers and sellers names and contact information.  This is the easy part of the purchase agreement and should present very few challenges to the buying process.

2.) A detailed outline of the property that is being sold.  This would include things like the address of the property, description of the location and any additional details that may be important to describe the property.

3.) The agreed upon purchase price.

4.) Representations and warranties.  These are statements of facts that the seller will make about the condition of the property being sold.

5.) Details about the financing that will be used to pay for the property.  Will the buyer be paying cash or taking out a mortgage?  This section will detail the particulars of how the property is going to be purchased.

6.) Excluded or Included property with the home.  As mentioned above, this an opportunity for the seller or buyer to spell out what she/he expects to be left behind once the sale is made.  For instance, is there a TV on the wall that will stay, that would be spelled out in this section.

7.) Closing Date.  The purchase agreement will list the agreed upon closing date for the sale of the property.

8.) Contingencies.  If there are things that need to be done to the property before the closing date which may include, but are not limited to, simple repairs around the house, carpet cleaning, etc.

No matter where you decide to purchase your piece of Westport, CT real estate you will need a purchase agreement.  When we work together I will make sure that this is a very smooth process with no surprises for you along the way.  Certainly if there are any questions along the way, I am happy to answer them so you feel absolutely comfortable with what you’re agreeing to.