Home Buying Guide - Purchase and Sale agreement
Step 8: Sign Purchase & Sale agreement - we will provide an attorney.
Once the offer has been accepted and the home inspection is completed, your attorney will create a purchase and sale agreement. A purchase and sale agreement is an agreement between both parties (you and the seller) and lays out the buyer and seller’s responsibilities during the closing time frame. In addition, the agreement will include agreements based on the home inspection report.
Review the purchase and sale agreement with your attorney. Have your realtor review the purchase and sale agreement as a third set of eyes. Once you are 100% happy and comfortable with the purchase and sale agreement, sign it. This typically occurs two weeks after the offer and home inspection.
Your lender will complete your file once the purchase and sale agreement is signed. Your lender will order home appraisal and title work. In addition, your lender will review all of your financial documents and credit report to ensure everything is up to date to verify that you still quality for the loan to purchase the home.
We work with many expert real estate attorneys and will recommend one for you when you get close to the purchase and sale agreement.