Once an Agreement of Sale is Signed, the Purchaser Has…

Buying a home is a significant milestone for many people. It involves signing legal documents, making decisions that will likely have an impact on your life for years to come, and navigating a complex process. One of the most crucial documents involved in purchasing a home is the Agreement of Sale.

An Agreement of Sale is a legal contract that outlines the terms and conditions of the sale of a property. It includes important details such as the purchase price, closing date, and contingencies. Once this document is signed by both the buyer and seller, it becomes binding.

So, what does the purchaser have once an Agreement of Sale is signed?

First and foremost, the purchaser has a legal obligation to purchase the property. This means that they are locked into the terms of the Agreement of Sale, including the purchase price and closing date.

Additionally, the purchaser may have certain contingencies in the Agreement of Sale that must be met before the sale can be completed. For example, they may have a contingency that the home must pass a home inspection, or that they must secure financing before the sale can be finalized.

If these contingencies are not met, the purchaser may have the right to back out of the sale without penalty or may need to renegotiate the terms of the Agreement of Sale.

It`s important to note that once the Agreement of Sale is signed, the purchaser is responsible for fulfilling their obligations outlined in the contract. This includes providing any necessary documentation, making any required payments, and ensuring that contingencies are met.

Failure to fulfill these obligations can result in the termination of the Agreement of Sale and legal consequences.

In conclusion, once an Agreement of Sale is signed, the purchaser has a legal obligation to purchase the property and fulfill the terms and conditions outlined in the contract. It`s important for both buyers and sellers to understand the implications of this document and seek legal counsel if necessary.