Q: Am I required to provide a purchase agreement as the seller of our home?
Hi, my husband and I are selling our home by owner. We have someone who verbally made us an offer on the house. Im unsure if im required to draw up a purchase agreement or if thats supposed to be his obligation. Also, if I can pay a real estate attorney to do the purchase agreement if so? Neither of us have realtors.
A: At some point in time something is going to have to be drawn up and signed, most likely called the Act of Cash sale. Who is preparing that? Before the act of cash sale, most times the parties have a purchase agreement prepared and signed so that the parties have in writing the details of the intended transaction between buyer and seller----furthermore, unless the buyer already has cash money for the purchase, any lender will require a purchase agreement. All this said does not answer your question----the answer is that there is no legal requirement that the seller (as opposed to the buyer) is supposed to draw up the agreement, and conversely, there is no legal requirement that the buyer (as opposed to the seller) is supposed to draw up the agreement. however, it is recommended that one of you draw up a written purchase agreement so that the terms of the transaction, including the deadlines, exactly what is being transacted (purchased), and ramifications if the sale fails, are detailed. This is part of the reason one uses a realtor, however, you can also use an attorney to do this as well. Good luck.
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