The purchase agreement is your contract with the seller. It contains all the conditions for the sale of the property. Most are so-called standards, and contain conditions similar to most other real estate. It may, for example, contain deadlines for registering the takeover. The most important terms of the contract for sale are agreement on price and acquisition. The purchase agreement will often be subject to you as the buyer to have the agreement approved by your advisor.
Understand the home purchase agreement
It is common for the seller to be a real estate agent or lawyer who runs the contract for sale. You can also find sellers who prepare a purchase agreement yourself. Unless you have work experience in the home business, you must have an advisor (usually a lawyer) to help you review it before you sign.
It is almost always the buyer who signs the deal first. This makes it a real purchase offer to the seller. Please note that your signature is not a reservation of the residence. However, you are legally bound by your signature. The seller can choose to sell to the other side – even without informing you first. Seller is only obliged when both have signed the agreement.
Make sure you obtain legal advice
You as a home buyer can usually claim to have a lawyer’s reservation included in a purchase agreement. A reservation is a short text, with your signature that is only valid, if your lawyer can approve the purchase agreement in its entirety. Normally, such a reservation will be resolved within 3-5 days. Attorneys can always ask for more time along the way if you need to.
There may also be other reservations, which should be included in a purchase agreement. For example, there may be a reservation that your bank can accept the trade and financing. It is important that reservations are very precise and that is what the consequences are if they are not met.
It will be an advantage for you if you can agree on a short deadline for the seller’s acceptance of the agreement. If the seller has time to decide, you can run the risk of getting a better offer in the meantime. In addition, you are bound by the offer and cannot bid on other homes in the meantime.
The purchase agreement contains a number of other deadlines for when to do what in connection with the trade. For example, it may be the deadline for clarifying the change of ownership or the deadline for making the payment at the seller’s bank. It will be an advantage for you if most of these periods are long. You are the buyer, who must have a loan.
Remember that the contract of sale is only final once both you and the seller have signed and all reservations have been settled.
You have the right to regret
Once the purchase agreement is signed, you, as a buyer, have the right to undo the trade for a few days. If you do, you will have to pay 1 percent of the price for the seller if the seller is a private individual. If the seller is a company – for example, in the new buildings – it will cost nothing if you change your mind within a few days.
If you have a lawyer’s reservation in the agreement, you can get you, at no charge, if your lawyer cannot approve the agreement.