Agreement of Purchase and Sale

What happens when you sign an Agreement of Purchase and Sale.

1. It is a binding contract detailing the rights and obligations of the parties to the agreement.
2. If either party fails to complete their obligations, the innocent party can ask for certain remedies.
3. Remedies could be a request for money, forfeiture of the deposit or specific performance – the completion of the contract as agreed.
4. Another remedy is to put the parties in a pre -contract position. This remedy is available if the contract should not have been entered in the first place because of duress, fraud or misrepresentation.
5. May include pre – conditions before the agreement will be valid -such as a satisfactory home inspection, financing, review of the status certificate, or the sale of current home.
6. Conditions are good ways to protect yourself as the purchaser if circumstances change.

Please confirm the terms and your needs with your real estate professional.

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