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Understanding Purchase Contracts

Understanding a Real Estate Purchase Contract (REPC)

This legal document details the price and terms of the property sale agreed to by the buyer and seller. Page one specifies the date of the offer, property address, included and excluded items, purchase price and financing information. Pages two through five outlines and defines seller and buyers obligations and responsibilities, including settlement and closing, possession, title insurance, buyer and seller due diligence and pre-settlement walk through inspection.  Page six discloses crucial deadlines and has the offer and acceptance signatures.

 

 

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In addition to the REPC, it is a good idea to request a Seller’s Property Condition disclosure.

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