Residential Real Estate Purchase Agreement

You should have one review it, and in several states you will need one at closing. This is the largest transaction most people ever make, and the requirements are county-specific in ways no general form can anticipate. This agreement organises the terms; it does not replace local advice.

That depends entirely on the financing contingency. Within the period, a buyer who cannot obtain financing can generally withdraw and recover earnest money. After it expires, the buyer is committed regardless — which is why waiving or missing that deadline is the most expensive decision in the document.

A neutral third party: a title company, escrow agent, or broker. Never the seller. Money handed directly to a seller is extremely difficult to recover if the deal collapses, whatever the agreement says.

Within the inspection period you can generally withdraw, renegotiate, or require repairs — depending on what the agreement says. Say which in advance. Once the period expires without notice, the right is usually gone whatever the inspection revealed.

A warranty deed guarantees the seller owns what they are selling and will defend that title. A quitclaim transfers whatever interest they happen to have and promises nothing. For a purchase, expect a warranty deed and title insurance.

Whatever the risk of loss term says. Weeks usually pass between agreement and closing, and fire, storm, and flood in that window are exactly what this term exists for. It is the one most often left unconsidered until it matters.