The drafting and execution of a real estate purchase agreement is an essential step in the real estate process which outlines the parties, price, and relevant terms in a given transaction. Each element of the sale should be carefully considered and fully disclosed in the purchase agreement. The goal of any real estate purchase agreement, whether it be a standard buy/sale agreement, land installment contract, or lease with option to purchase, is to protect both the Buyer and Seller and ensure both parties’ expectations are clearly understood from the beginning.
A fully executed real estate purchase agreement is a legally binding contract which obligates both parties perform certain acts in accordance with the terms of the agreement. Once executed, these agreements may be enforceable in Court and subject a defaulting party to liability. If you are looking to purchase or sell real estate, contact our experienced real estate attorneys Michael Rieman, Williams J. McGraw III, Sarah Worley, or J. Steven Justice to assist in the drafting of this important document.