What Is a Real Estate Purchase Agreement?
A real estate purchase agreement, also known as a sales contract, is a written document outlining the terms and conditions of a home sale. It’s the buyer’s contract for the home purchase and is legally binding only when both parties have signed it.
Below are Some Common Contingencies Included in a Home Purchase Agreement:
Contingencies are like safety nets for buyers, says Emory. They allow you to back out of the contract or renegotiate if something significant doesn’t go as expected. Here are highlights of the most common contingencies included in real estate purchase agreements:
- Home inspection contingency: This allows you to have a home professionally inspected and take action if the inspection report identifies any major issues, like plumbing, electrical, or foundation problems. You may ask the seller to fix them, negotiate the price, or even back out of the deal.
- Appraisal contingency: If the home appraises for less than what you agreed to pay, you can either walk away or ask for a price reduction.
- Financing contingency: You can back out if you can’t secure financing or if the terms change dramatically before closing.
- Home sale contingency: You can back out of the deal if you can’t sell your current home.
- Title contingency: This is intended to lead to a “clear title” — meaning the title company or real estate attorney found no issues with the property’s ownership. Those could include unpaid liens or disputes about who owns the property.
Check out below to see what sold in Northville Hills Golf Club in August 2025:
15908 Crystal Downs E, Northville: 4 bedrooms, 4.1 bathrooms, 3,575 sq. feet, 3 car garage, Sold Price: $1,220,000
Northville Hills Golf Club Home Sold
August 2025
For more information on Northville Hills Golf Club, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.