ABOUT PURCHASE AND SALE AGREEMENTS

The transactions team at High Desert Family Law Group are experts in complex residential and commercial real estate issues throughout the United States, with an emphasis in Arizona, California and Nevada. Read on to learn more.

In-depth due diligence is needed to negotiate a successful real estate deal. Counting on real estate agents and brokers to prioritize your best interest may result in a precarious outcome . Skip the inconvenience and risk and consult with High Desert Family Law Group immediately.

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STANDARD CONCEPTS OF A REAL ESTATE AGREEMENT

  • LETTER OF INTENT – A non-binding agreement between both parties prior to the signing of the formal purchase contract.
  • SALES PRICE – The goal of most sellers is to obtain the highest price possible and most purchasers want to buy at the lowest price.
  • THE OFFER – This is the first step in negotiating the real estate contract. This must be in writing and should specify all terms and conditions of purchase.
  • DUE DILIGENCE – This is the critical step that entails an investigation including environmental, technical, supply/demand analysis, examination of title, physical property inspections, and other legal and engineering tasks that must be completed prior to closing on the asset.
  • THE CONTRACT – After the offer is accepted, the parties negotiate the final purchase and sale agreement.
  • ESCROW – Third party escrow opens when the purchase and sale agreement is signed. The escrow process is insurance to all parties of a real estate transaction that no funds will change hands until all instructions given to the escrow officer, with regard to the real estate transaction, have been met.
  • CLOSING – Closing occurs when all funds are exchanged and when the deed to the property transfers to the buyer upon satisfaction of all conditions contained in the purchase.
  • DEED – The deed recordation process transfers title from the former owner to the new owner or owners.

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