CONTRACT FOR PURCHASE
REQUIREMENTS
REQUIREMENTS
SELLER'S REQUIREMENT
FIXTURES. The Seller sells all fixtures and equipment with the property including
furnace, water heater, air conditioner, stove, water softener, existing storms and
screens, garage door openers and controls, etc.
TITLE INSURANCE. The Seller shall furnish the Buyer with a title insurance policy
issued by a title company. This policy is paid for by the Seller and protects the
Buyer if anyone ever claims to have ownership rights in the property superior to
the Buyer. Prior to issuing the title insurance policy, the title company researches
the history of the property through the deeds called a title search. If the title
company finds any problems in the title search, the title company then excludes
these problems from it insurance coverage. Liens are the most common
example of problems that arise during a title search. Attorney Angela
Lund-Logan reviews the title search conducted by the title company looking for
potential problems.
MARKETABLE TITLE. The Seller is to furnish the Buyer with marketable title.
Marketable title is defined as a title that is free and clear from any defects.
Attorney Angela Lund-Logan reviews the title company's search of the deed
records to ensure that the Buyer is receiving marketable title at the time of
closing.
DEED. The Seller shall furnish the Buyer with a deed giving title of the property to
the Seller. Attorney Angela Lund-Logan will either prepare the deed or review the
deed furnished by the Seller to insure the deed contains an accurate legal
description of the property. If the deed contains the incorrect legal description,
the Buyer may not receive the entire property purchased or at worst have great
legal expense in rectify the problem.
FINAL INSPECTION. The Seller shall allow the Buyer access to the property
forty-eight (48) hours prior to the closing for a final inspection. The Buyer may
address any issues with the property or request last minutes changes.
BROOM-CLEAN CONDITION. The Seller is to furnish the property in broom-clean
condition and free of debris.
SURVEY. The Seller is not required to furnish the Buyer with a survey.
REALTOR COMMISSION. The Seller shall pay for the commission of the realtor
or realtors out of the sale price.
BUYER'S REQUIREMENT
GOOD FAITH. The Buyer must make good faith effort to complete all
contingencies.
CONTINGENCIES. The Buyer must complete each and every contingency by the
deadlines set forth in the contract.
Financing. The Buyer must provide the loan commitment documents by the date
given in the contract.
Attorney Approval. If this clause has been chosen then the Buyer must obtain
the approval from the Buyer's attorney by the given date or some contracts will be
become void.
Inspection. If this clause has been chosen, which it should be on all property
that are not new construction, the inspection must be approved by the Buyer to
keep the contract from becoming void.
FIXTURES. The Seller sells all fixtures and equipment with the property including
furnace, water heater, air conditioner, stove, water softener, existing storms and
screens, garage door openers and controls, etc.
TITLE INSURANCE. The Seller shall furnish the Buyer with a title insurance policy
issued by a title company. This policy is paid for by the Seller and protects the
Buyer if anyone ever claims to have ownership rights in the property superior to
the Buyer. Prior to issuing the title insurance policy, the title company researches
the history of the property through the deeds called a title search. If the title
company finds any problems in the title search, the title company then excludes
these problems from it insurance coverage. Liens are the most common
example of problems that arise during a title search. Attorney Angela
Lund-Logan reviews the title search conducted by the title company looking for
potential problems.
MARKETABLE TITLE. The Seller is to furnish the Buyer with marketable title.
Marketable title is defined as a title that is free and clear from any defects.
Attorney Angela Lund-Logan reviews the title company's search of the deed
records to ensure that the Buyer is receiving marketable title at the time of
closing.
DEED. The Seller shall furnish the Buyer with a deed giving title of the property to
the Seller. Attorney Angela Lund-Logan will either prepare the deed or review the
deed furnished by the Seller to insure the deed contains an accurate legal
description of the property. If the deed contains the incorrect legal description,
the Buyer may not receive the entire property purchased or at worst have great
legal expense in rectify the problem.
FINAL INSPECTION. The Seller shall allow the Buyer access to the property
forty-eight (48) hours prior to the closing for a final inspection. The Buyer may
address any issues with the property or request last minutes changes.
BROOM-CLEAN CONDITION. The Seller is to furnish the property in broom-clean
condition and free of debris.
SURVEY. The Seller is not required to furnish the Buyer with a survey.
REALTOR COMMISSION. The Seller shall pay for the commission of the realtor
or realtors out of the sale price.
BUYER'S REQUIREMENT
GOOD FAITH. The Buyer must make good faith effort to complete all
contingencies.
CONTINGENCIES. The Buyer must complete each and every contingency by the
deadlines set forth in the contract.
Financing. The Buyer must provide the loan commitment documents by the date
given in the contract.
Attorney Approval. If this clause has been chosen then the Buyer must obtain
the approval from the Buyer's attorney by the given date or some contracts will be
become void.
Inspection. If this clause has been chosen, which it should be on all property
that are not new construction, the inspection must be approved by the Buyer to
keep the contract from becoming void.
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| WEBSITE OF ATTORNEY ANGELA LUND-LOGAN |
| RETURN TO CONTRACT FOR PURCHASE PAGE RETURN TO REAL ESTATE PAGE |