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Make sure all parties in a purchase agreement have a clear understanding of all sale or property-related details.
A well-drafted property purchase agreement allows all parties to define any matter related to the property and its purchase.
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Begin by providing the information for each party, including the names, party type, and addresses. If the seller acquired the property being sold during marriage, then indicate the sellers are a married couple. This simply requires the seller's spouse to sign this agreement to show that the spouse will not make any claim to the property in the future.
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Some buyers might require that the property purchase agreement contain certain contingencies. A contingency is a condition that the buyer requires to occur before the buyer will close the deal. If a contingency is not satisfied, the buyer will be entitled to cancel the agreement and receive a refund of the earnest money and any other deposits made.
To execute the agreement, the parties simply sign and date it in the presence of a notary or witnesses. Most states just require one notary to act as a witness. The main requirements for witnesses are that they are 18 years of age or older and have no stake in the outcome and are not related to either of the parties by blood.
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