Guiding the Home Purchase Process The Purchase and Sale Agreement formalizes in more detail the original Offer to Purchase. It expands upon what has already been agreed, without changing the original terms unless both parties agree. The seller’s attorney usually drafts it, and attorneys should review it with the Buyer and Seller. The date for signing a Purchase and Sale Agreement is typically 10-14 days after the acceptance of the offer. When signing the Purchase and Sale Agreement, the last outstanding contingency is usually the mortgage contingency. This is the point when the remaining balance of your earnest money deposit becomes due. This timeline generally represents approximately 45-60 days, which is fairly typical but may differ depending on various needs and negotiations between you, the buyer, and the seller. PURCHASE & SALE AGREEMENTS INVESTED. CONNECTED. INFORMED. When signing the Offer to Purchase real estate, you are entering into a legally binding document. You’ll be required to submit a deposit to demonstrate your earnest intent to purchase the property. Each component of the offer should be carefully considered to win an accepted offer within parameters that you are comfortable with in light of current market conditions. THE OFFER Inspections should be done within seven (7) days of the accepted offer. Remember the date included in the offer is the deadline by which you must put in writing any objection, requests for adjustment, or rejection of the property. If the date passes without written communication from you, all inspection contingencies are assumed to be satisfied. The Seller may retain your earnest money deposit if you do not meet these deadlines or fail to close. THE INSPECTIONS THE CLOSING The closing is generally held at the bank’s attorney’s office or the Registry of Deeds, but it can be arranged at any mutually agreed-upon location. At the closing, you’ll be required to provide funds as directed by the lender’s attorney. Bring your personal checkbook for potential adjustment amounts. A valid form of identification is necessary. Numerous documents will be presented for your signature, and your attorney will review, explain, and approve them. After approximately one to two hours, and once the deed is recorded, you will be declared the proud owner(s) of your new home! Unless negotiated before closing, you are unable to move in until the deed is officially recorded. • Your offer deposit to demonstrate your earnest intent to purchase the property – typically $1,000. However, it may be higher for upscale properties or in competitive scenarios, or lower depending on your financial situation and loan product. • Additional deposit to be paid when signing a Purchase and Sale Agreement • Date for signing the Purchase and Sale Agreement • Closing Date • Any inspection, mortgage or other applicable contingencies • Any specific inclusions or exclusions • Your offer price
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