Glossary

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Purchase Agreement
When both parties have agreed to a purchase price and other details of the real estate sale, both parties must sign a purchase agreement. This document states the exact price of the real estate, the amount of earnest money that will be put down on the property and any financial contingencies that the buyer requires. These contingencies often make the final sale contingent on the buyer receiving the needed bank financing. Other contingencies that may be included are a positive home inspection, the appropriate repairs to the home and certain environmental requirements to ensure the safety of the property. The agreement will also detail any home warranties that apply to the structure for damages and workmanship. The closing date and any escrow information is also typically included. If a lease period proceeds the sale of the property, the lease price, time period and lease terms are included as well.