The sales contract is usually prepared by the buyer`s representative in a transaction. If a buyer wishes to make an offer for a home, his agent will enter into a sales contract which he will then deliver to the seller`s listing agent. 1. Parties: This is the first section included in the sales contract that identifies the two parties involved in the transaction – the seller and the buyer. 15. Standard: If a party does not meet the requirements of the contract, it is late, which means that it has breached the terms of the contract. If the buyer is late, the seller (a) may impose a particular benefit, in which case the buyer must purchase the house, regardless of why he is late, or (b) terminate the contract and keep the money earned as compensation. If the seller is late, the same options apply to the buyer. 19.
Representations: States, that all alliances, representations and guarantees of the treaty continue after the conclusion. In other words, all rights invoked in the contract must also apply after the contract is concluded. If it turns out that it turns out to be false, the seller is late. In this section, it is also stated that the seller may continue to show the property and receive, negotiate or accept security offers, unless this is expressly prohibited by a written agreement. A sales contract, also called a sales or sale and sale contract, is a contract between two parties that details the agreed terms of the sale of a house. C. Poll: There are three options that can be verified here. The first field indicates that the seller must submit to the buyer, within a number of days, an existing real estate investigation as well as an affidavit on residential real estate (more commonly referred to as T-47 affidavit). A t-47 affidavit is a form that the seller executes to identify any changes to the property since the issuance of the survey. In the event that the seller is unable to submit an existing investigation with a T-47 notarized affidavit within the specified time frame, the buyer will receive a new investigation at the seller`s expense. If the investigation has been delivered to the buyer, but has been deemed unacceptable by the title company or the buyer`s lender, a check box will indicate whether the seller or buyer will pay for a new investigation. If no survey is conducted and a new survey is required, the second field indicates that the buyer will pay, and the third field indicates that the seller will pay.