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Real Estate Purchase Agreements Frequently Asked QuestionsQ. HOW DO I GET MY REAL ESTATE PURCHASE AGREEMENT FROM THIS WEBSITE?A. It's simple: after the buyer and seller have agreed on a purchase price and other details of the sale, click on the "Create Your Document" button above. You will then be taken to our on-line form to provide us with the information we need to immediately assemble your custom-tailored agreement. We integrate all of your information right into the document and make it available to you in seconds by emailing the the document to you in Microsoft Word and Adobe Acrobat Reader (PDF) formats or, if you prefer, you may display and pint the document right in your internet browser. Either way, all you have to do is click on the "print" button and you'll have a signature-ready real estate purchase contract, immediately! Q. WHEN IS A REAL ESTATE PURCHASE CONTRACT NECESSARY? A. Every time. YOU MUST USE A REAL ESTATE PURCHASE CONTRACT EVERY TIME YOU SELL REAL PROPERTY. There's no short cut on this one. The truth is, buying and selling real estate is a major transaction. For most Americans, buying or selling a home is the biggest financial transaction in which they will ever be involved. Consequently, it is just plain foolhardy not to get all the important terms in a well-drafted legal document. You need a written agreement to make sure there is crystal clear, mutual understanding about the property being sold, the amount of the purchase price and how it will be paid, what is and is not included with the property, when the deed will be signed, the type of deed being used, and a litany of other details. The well-drafted real estate purchase agreement covers all these details. Q. SHOULD I USE A REAL ESTATE AGENT TO HANDLE MY PURCHASE OR SALE? A. It depends on what you need. A real estate agent's involvement can be very useful in helping the buyer and seller find each other. This is because the realtor has access to the Multiple Listing Service ("MLS"), which is the most exhaustive source of properties for sale in the United States. If you are a buyer, the realtor can give you a custom tailored list of properties for sale in your designated area meeting your requirements. If you are a seller, the realtor can get your house on the MLS where it will receive much more exposure to potential buyers. However, both buyer and seller pay a steep price for engaging a realtor and having access to the MLS; real estate agents' fees range from 3 to 7 percent of the total purchase price. This very hefty fee drives up the price of the home. Consequently, many private parties choose to handle their transaction themselves. Handling the sale yourself needn't be overwhelming; just be sure to use a well-drafted real estate purchase agreement (if you've ever used a realtor you'll notice they use pre-printed forms similar to the one available on this web site). Filling out the form on this site will help both parties address and agree upon all the important issues attendant to their sale. Click here for a list of the information the parties should discuss and agree on. After you have the agreement drafted and signed, take it to a title company to handle the closing. Q. WHAT STEPS DO I NEED TO TAKE TO MAKE SURE THE WHOLE PROCESS IS HANDLED PROPERLY? A. There are really only five basic steps. There's no need to feel overwhelmed by all the details, you just need to be methodical about covering everything. In fact, many people who sell real property without the assistance of a real estate agent are surprised by how simple the process can be. Whether you are a buyer or a seller, just follow these five simple steps to insure that your real estate transaction is flawless from that first agreement on a price all the way through to closing. In a nutshell, here's what we suggest:
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