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What do I need to consider before signing a sale agreement?

On Behalf of | Mar 31, 2020 | Real Estate Law |

This is a very broad question, but it is one question many real estate buyers have from their first purchase to their hundredth. There are a lot of things to consider and no prudent buyer wants to leave any stone unturned and uninspected. 

The Florida Bar identifies the purchase and sale contract or agreement as the first document a prospective buyer receives to start solidifying the deal. This is why so many buyers start thinking carefully about what they need to check before making a decision. 

Verifiable data 

Your real estate agent and other enlisted professionals help with this aspect, but it does not hurt to take a look as well. Is the right property address on the document? Does the parcel number match? What about the legal description of the property? 

Payment arrangements 

What kind of payments will you need to make upon signing the contract and are any of them due immediately? How much do you need to pay? Will the seller contribute to any of the closing costs? If you found/find any problems during the home inspection, will they cover the cost of repairs or adjust the selling price to account for it? 

Taking possession 

When do you actually get to call the property yours? Is there a separate Occupancy Agreement or can you start moving in on the date of closing? Will the sellers need additional days or even months in the property? If so, what payment arrangements will they make during that time? What kind of deed will you get to cement your ownership? 

These concerns are just the tip of the iceberg, but they are a good starting point to get you working through your to-do list. A good real estate agent also helps to walk you through the process to ensure everything gets accounted for.