Real Estate Purchase & Sale Agreements
I often get calls from prospective clients looking to close a real estate transaction without a realtor. Typically, the seller has already found a buyer and is looking to close the transaction and save on the standard 3%-6% realtor fee. I have been able to offer a very economical solution by drafting the sales documents and setting up escrow.
My clients are usually surprised at how easy the process is. After the offer has been accepted, I draft a Real Estate Purchase & Sale Agreement. This document contains all of the usual terms such as sales price, legal description of the property, earnest money, closing costs, etc. I also draft the contingencies such as the inspection and financing contingency. Lastly, we make sure that all the proper disclosures are accurately completed and submitted.
Once the Purchase & Sale Agreement is signed, along with any other additional addendums, I set up escrow at a title company. The buyer puts deposits the earnest money and, when the contingencies are deemed met or are waived, the parties go in and close the transaction. It’s that simple.
A few variations include when the seller is financing the deal. We can do this through a real estate contract that is held by the seller or through a traditional deed of trust and promissory note. Another variation may be in the seller wants to rent back the property after closing. I can also assist if the buyer is buying bare land pursuant to a construction contract for a new home with a builder. This is more complex so I will be writing a separate blog about these deals so check back in shortly!