Are you currently in the process of purchasing a piece of property? Congratulations! This is truly a major accomplishment and you should be proud of yourself. Unfortunately, purchasing land can be risky and those new to real estate are more prone to scams. Therefore, it is pertinent to make sure a land purchase agreement is completed and signed by both parties, before money changes hands!
The document will serve an enormous purpose, but the information it includes is fairly basic and straightforward. It should include details about both parties and information regarding the transaction. For instance, it should include a thorough description of the property, the overall price, and a date for the last payment. It is also possible to detail late fee charges within the document in case the buyer is unable to make their monthly payments in a timely manner. And of course, the seller should make sure the document details the repercussions of a default on the buyer’s behalf.
The purchase agreement protects both parties involved in the transaction. It helps to guarantee that the buyer will receive the title, once the final payment has been completed. For the seller, the document decreases the chance of missed and late payments. If problems occur, the agreement will prove to be very impactful on the outcome of court proceedings.