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Purchase Agreement
Posted on 10/25/16 at 2:39 pm
Posted on 10/25/16 at 2:39 pm
Humor me...
Do you need an attorney and/or a realtor or a bank to draw up a purchase agreement between a buyer and seller? Or....can the seller just do it themselves?
Do you need an attorney and/or a realtor or a bank to draw up a purchase agreement between a buyer and seller? Or....can the seller just do it themselves?
3
Posted on 10/25/16 at 2:41 pm to btnetigers
You don't "need" one but I would pay one just for piece of mind. You should be able to get one drawn up for 300-400.
Posted on 10/25/16 at 2:45 pm to lsufan1971
Thanks! Stupid question #2 - how binding is a purchase agreement? Like, what if the buyer changes their mind - is there any recourse if the seller prepared the purchase agreement themselves?
Posted on 10/25/16 at 2:52 pm to btnetigers
quote:
Thanks! Stupid question #2 - how binding is a purchase agreement? Like, what if the buyer changes their mind - is there any recourse if the seller prepared the purchase agreement themselves?
depends on how the purchase agreement is written up
look up a few online versions and read through them
Posted on 10/25/16 at 2:56 pm to btnetigers
If this is for real estate, most state real estate commissions have a model form online that you can use.
Posted on 10/25/16 at 3:36 pm to LSUFanHouston
And if it is in Louisiana- there is a mandatory purchase agreement one must use. It can be downloaded on the LREC website. And yes, once signed it is a binding contract for both parties as delineated.
Posted on 10/25/16 at 4:30 pm to btnetigers
quote:
- how binding is a purchase agreement? Like, what if the buyer changes their mind - is there any recourse if the seller prepared the purchase agreement themselves?
This is why you take earnest money. Technically of the buyer breaks the contract you may keep it.
Posted on 10/25/16 at 7:24 pm to btnetigers
No, you don't need an attorney. At most you would need guidance from a realtor/broker. I say this because there are plenty of examples online and the required forms are usually fill in the blank.
Most are written up to where the buyer is only risking their earnest money. How much earnest money is between the parties involved.
Most are written up to where the buyer is only risking their earnest money. How much earnest money is between the parties involved.
Posted on 10/25/16 at 7:51 pm to BigAppleTiger
quote:
And yes, once signed it is a binding contract for both parties as delineated.
It is different in LA. I had someone back out 10 days after signing because they decided they didn't like the house. It's really easy to get out of one. My agent gave them their earnest money back as well.
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