What should a purchase agreement include?
A purchase agreement must state clearly the terms of the sale and what must occur before the property can change hands. The agreement should state what will happen if the agreement is canceled, what personal property is to be included in the sale (be specific!), the date for the closing of escrow and what will happen if it is delayed, prorations and the date to be used for computing them, default provisions or what will happen if one party doesn’t live up to the agreement, who pays for property inspections and any deficiencies that they may uncover, financing arrangements and the occupancy date.
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