PURCHASE
PURCHASE
Q: What do I need before we write an offer? A: A loan pre-approval (or proof of funds if paying all-cash) and valid government-issued identification. Having these allows us to act fast. If you haven't been pre-approved we'll get you started.
Q: How long does it take to prepare and submit an offer? A: We'll review property details, disclosures, and your terms. A standard purchase agreement will be drafted, reviewed, and ready your electronic signature within a few hours.
Q: Can we include contingencies? A: Yes. To protect your interests, loan/financing, appraisal, and physical inspection contingencies are normal and should be on this OTP intent form (under request). Timelines will be based on conditions and your comfort level.
Q: What happens immediately after the seller accepts? A: Once both parties sign and initial the final agreement, escrow will open. There's (usually 1 to 3 business days) to wire your deposit to escrow. Your inspection and contingency timelines begin.
Q: Are offers binding as soon as they are submitted? A: No. An offer is an invitation to contract and can be withdrawn or modified at any time before the seller signs and delivers written acceptance. Once accepted and signed by both sides, it becomes a legally binding contract.
Here's the contract summary;
_______________________
PURCHASE AGREEMENT
ENTITIES & PROPERTY DESCRIPTION Identifies the buyer, seller, property address, Assessor's Parcel Number (APN), and personal property included or excluded from the sale.
PURCHASE PRICE & TERMS Outlines the total purchase price, initial and additional earnest money deposit amounts, loan types (conventional, FHA, VA, seller financing), and down payment specifics.
ALLOCATION OF COSTS Specifies which party pays for escrow fees, title insurance, natural hazard reports, home warranty plans, and local government transfer fees/retrofits.
CLOSING & POSSESSION Defines the target close of escrow date and when physical possession and keys will be handed over to the buyer.
STATUTORY & OTHER DISCLOSURES Covers required disclosures such as the Real Estate Transfer Disclosure Statement (TDS), Natural Hazard Disclosure (NHD), lead-based paint hazards, and local ordinance requirements.
INVESTIGATION OF PROPERTY & CONDITIONS Establishes the buyer's right to inspect the physical condition of the property, including general home inspections, roof, termite, plumbing, and environmental reviews.
ACUITY OF CONDITION & REPAIRS Addresses property maintenance standards prior to delivery, final verification of condition (walk-through), and how repair requests or credits are handled.
BUYER PROTECTION & CONTINGENCIES Details specific contingencies (loan, appraisal, and investigation/inspection contingencies) that protect the buyer's deposit during the due diligence period, along with timelines for removal.
REMEDIES & LIQUIDATED DAMAGES Outlines the legal remedies available to both parties if a default occurs, including the optional liquidated damages clause (which caps a buyer's risk on their deposit if initial terms are breached).
DISPUTE RESOLUTION Outlines the agreed-upon process for handling disagreements between buyer and seller, typically starting with mediation and moving to binding arbitration or court litigation.
TIME PERIODS & NOTICES Sets strict calendar days for contract performance, delivery of documents, and formal notices (including "Notice to Buyer to Perform").
BROKERAGE & AGENCY CONFIRMATION Confirms the agency relationships of all real estate brokers/agents involved in the transaction and outlines commission agreements.
An official "Realtor" Purchase form will be sent to you for your acceptance.
Allow up to 24hrs for a response.