Home Buying and The Purchase Agreement Contract

Home Buying Myrtle BeachWhen buying a Myrtle Beach home, both buyer and seller should agree and sign the purchase agreement contract. The purchase agreement is where all the terms and provisions included in the sale of the property are specifically detailed. Buyer and seller should come to an agreement on the stated terms and provisions prior to signing the contract. It is also important that both buyer and seller will be able to abide by the terms and provisions.

Keep in mind that purchase agreement contracts are legally binding; thus, both buyer and seller should specifically and carefully review every term and provision stated in the contract. Should there be any changes necessary, a revision should be requested and it should be clarified before signing.

Below are some things that you need to keep in mind when reviewing the purchase agreement contract as you buy your Myrtle Beach home.

  • The purchase agreement includes an inspection period

This provides the buyer sufficient time to confirm and verify everything that the seller has stated in the agreement, particularly all items that are included in the purchase such as the condition of the house and any additions made or are currently being made to the house.

  • The signature of all owners of the property for sale should appear in the purchase agreement

There are instances when the seller is not the owner of the house. And sometimes, there are more than one owner of the house being sold. Regardless of who and how many owners the house has, all of them should sign the purchase agreement. In the case of a house owned by a married couple, both parties should sign the contract even if the title is under the name of only one of the married couple.

  • There are different versions of the purchase agreement

The seller may have a different version of the purchase agreement. This is usually drawn up by his attorney and should not be assumed as the same with the other versions of the purchase agreement. Only one version should be used in each home buying transaction.

  • All fixtures and furniture included in the sale should be detailed in the purchase agreement

In some home sales, furniture and fixtures are thrown into the sale. These should be specifically detailed in the purchase agreement. Buyers should not assume that because they are attached to the house, the fixtures are naturally part of the sale. Although they are legally already part of the sale, they should still be included in the purchase agreement for clarification purposes.

  • The purchase agreement should clearly state stipulations including one that gives the buyer the right to cancel and withdraw due to zoning prohibitions

Some buyers buy houses with a specific purpose in mind such as adding a workshop or expanding the living room. Regardless of what the buyer intends to do with the house, the purchase agreement should include a stipulation that allows the home buyer to withdraw from the agreement should there be zoning ordinances that will prohibit him from continuing with his purpose. Keep in mind that the buyer will need time to confirm zoning ordinances, which may not be readily available at the time of signing the purchase agreement contract.

For more information on purchase contract agreements, you can always ask Full Potential Real Estate, LLC

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577