Three Things Buyers For Purchase Agreements

Before signing a purchase agreement on a residential property, buyers should have a lawyer review the following three essential factors:
  • Does the purchase agreement contain an accurate description of the property? The description of the parameters should match government records. It should also clarify whether installations or features of a home are included or excluded. Points to clarify may include built-in shelves, chandeliers, window treatments, appliances, fire pits, outbuildings such as sheds or anything that could be moved or removed.
  • Does the purchase agreement contain an inspection contingency clause? With this provision in the contract, the purchase agreement may be canceled if an inspection uncovers defects such as mold or a cracked foundation. The inspection contingency clause should spell out how serious a defect needs to be and/or what types of defects to allow the buyer-to-be to nullify the purchase agreement.
  • Does the purchase agreement contain a financing contingency clause?With this protection in a purchase agreement, a buyer will only be required to follow through with the purchase if the lender not only commits to a loan but actually puts the money on the table.

Before Signing A Contract To Buy A House, Understand The Three Things Buyers Need For Purchase Agreements

Your contemplated purchase of a single-family home, condominium or other type of residential property no doubt has unique aspects. For your own protection, do not commit to a purchase agreement before you discuss the plan with an experienced lawyer. If you intend to buy residential real estate in New Hampshire, Massachusetts or Maine, call me, Attorney Alec Buchanan, in Nashua at 603-882-5129 or send an email message to schedule a consultation.

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