Photo Scanner: Home Purchase Agreement

Saturday, 10 November 2012

Home Purchase Agreement

A home purchase agreement is a legally binding contract between a seller and buyer for property. If you are suffering from buyer's remorse, you may not be able to get out of the contract without a penalty. Once you have signed a home purchase agreement, you are obligated to go through with the home purchase. Certain contingencies are built into any home purchase agreement; understanding what these contingencies are could be the key to cancelling the contract without penalty. A real estate purchase is usually contingent upon an offer from a buyer to a seller. If the seller accepts the offer, the buyer and the seller are bound by the real estate contract. Usually, the contract is backed by a monetary deposit called earnest money. However, depending on certain conditions, a buyer may have the right to terminate the contract.

Home Purchase Agreement