If you`re a buyer in California, filling out a residential purchase agreement can seem like a daunting task. However, with a little bit of knowledge and attention to detail, you can successfully complete a purchase agreement and be on your way to becoming a home owner. Here are some basic guidelines to help you fill out a California residential purchase agreement:
1. Start with the basics
The purchase agreement will require basic information about you and your seller. This includes your full name, address, phone number, and email. Make sure you double-check these details to ensure accuracy.
2. Property details
The purchase agreement will also require details about the property you`re buying. This includes the address, the lot number, legal description, and any other relevant details about the property. This information helps the title company verify that you`re buying the correct property.
3. Purchase price
The purchase price is the amount you`re willing to pay for the property. Make sure to double-check this figure to ensure that your offer is reasonable and within your budget. You may also want to include a deposit amount, which is typically 1-3% of the purchase price. This deposit will be credited towards your purchase price at closing.
Contingencies are clauses in the agreement that allow you to back out of the purchase under certain circumstances. Common contingencies include obtaining financing, home inspection results, and title search results. Contingencies can protect you from unwanted surprises and unexpected costs. Be sure to include any necessary contingencies in your purchase agreement.
5. Closing date
The closing date is the date when you will take ownership of the property and complete the purchase. This date should be agreed upon by both you and the seller and should give you enough time to complete any necessary inspections, obtain financing, and sign the necessary paperwork.
Finally, once you`ve completed all the necessary fields, you and the seller will need to sign the purchase agreement. This legally binding document confirms your intention to buy the property and outlines the terms of the sale.
Filling out a California residential purchase agreement may seem intimidating, but with a little bit of preparation and attention to detail, it can be a straightforward process. With these basic guidelines, you can confidently complete a purchase agreement and make your dream of home ownership a reality.