If you`re thinking about buying real estate in the state of New Hampshire, one of the most important documents you will need to become familiar with is the New Hampshire Real Estate Purchase Agreement.
A purchase agreement is a legally binding contract between the buyer and seller of a property that specifies the terms and conditions of the sale. In New Hampshire, this document is typically drafted by the seller`s attorney, but the buyer`s attorney will also review and negotiate the terms.
So, what exactly does the purchase agreement cover? Let`s take a closer look at some of the key provisions.
1. Purchase Price
The purchase price is the amount that the buyer will pay for the property. This section of the agreement will outline the purchase price and any terms related to payment. For instance, if the buyer is obtaining financing, the agreement may specify that the purchase is contingent on the buyer securing a loan.
2. Closing Costs
Closing costs are fees associated with the purchase of a property that are not part of the purchase price. These fees can include things like title searches, inspections, and legal fees. This section of the agreement will outline how these costs will be divided between the buyer and seller.
3. Contingencies
A contingency is a condition that must be met before the sale can be completed. Common contingencies include things like a satisfactory home inspection or the buyer obtaining financing. This section of the agreement will outline any contingencies and the timeline for meeting them.
4. Property Condition
The purchase agreement will also outline the condition of the property being sold. This section will typically include a list of any defects or issues with the property that the seller is aware of, as well as any warranties that the seller is willing to provide.
5. Closing Date
The closing date is the date when the sale will be completed and the buyer will take possession of the property. This section of the agreement will outline the expected closing date and any contingencies that must be met before the closing can occur.
In conclusion, if you`re considering purchasing real estate in New Hampshire, familiarizing yourself with the New Hampshire Real Estate Purchase Agreement is essential. This document outlines the terms and conditions of the sale and protects both the buyer and seller. Make sure to review the agreement thoroughly and consult with a qualified attorney if you have any questions or concerns.