When it comes to the legal aspect of a real estate transaction, the purchase agreement plays a critical role. This agreement is a legally binding document that outlines the terms and conditions of the sale of a property.
But who helps prepare the purchase agreement? The answer is simple – it`s typically the responsibility of the buyer`s attorney.
A purchase agreement is designed to protect both the buyer and the seller. It includes information about the price of the property, the closing date, any contingencies, and more. It`s important to have an experienced real estate attorney review and prepare this document to ensure that all necessary details are included and that it is legally sound.
The buyer`s attorney will work closely with their client to understand their specific needs and requirements. They will also conduct a thorough review of the property and any documents related to the sale, such as the title report and disclosures.
Once the attorney has all the necessary information, they will prepare a draft of the purchase agreement and review it with their client. The attorney will also negotiate any changes or additions to the agreement with the seller`s attorney.
Once both parties have agreed to the terms of the purchase agreement, it will be signed by both the buyer and the seller. At this point, the transaction is legally binding, and the buyer can move forward with any necessary steps to close the sale.
In summary, the preparation of the purchase agreement is typically the responsibility of the buyer`s attorney. It`s important to have an experienced real estate attorney review and prepare this document to ensure that all necessary details are included and that it is legally sound. By having a well-prepared purchase agreement, both the buyer and the seller can have peace of mind knowing that the transaction is legally binding and protecting their interests.