Agreement On Land Purchase

10. September 2021

A real estate purchase agreement does not really transfer ownership of a house, building or land. Instead, it provides a framework for each party`s rights and obligations before the legal transfer of ownership can take place. Consider this document as a roadmap for the period between the signing of the contract and the conclusion of the sale. Serious money deposit: A serious deposit is a deposit that shows the good faith and obligation of the buyer to continue the purchase of the property. In return for the buyer`s serious money deposit, the seller withdraws the property from the market. At the end of the purchase, the deposit of serious money is charged to the purchase price. When the contract is terminated in accordance with the terms of the contract, the serious deposit is usually returned to the buyer. The seller and buyer must assume certain responsibilities under the land purchase contract. . . .

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