So, you’ve found your dream home, arranged for the finances to purchase it, and are now ready to live your desired life carefree. But amidst all that, as a new or prospective home buyer, you must not let one critical part of the property purchase process go unnoticed: the sales agreement!
The phrase ‘signed, sealed, and delivered’ holds true for most purchases of our life. But it takes on additional importance once we are ready to make probably the biggest financial commitment of our life: our home. This is where getting all the details right to become the ‘legal homeowner’ is paramount! Enter the ‘sales agreement’ – a critical document pertaining to the sale of the property between the buyer and the seller. Without it, you have no right over the property you might claim to be your home!
Thus, it is time to get the facts about the all-important sales agreement right: what is it exactly, what are its crucial components, and more. Let’s dive in!
Picture this – you've found your dream home, and the seller has agreed to your offer. You're on the brink of making it official, but there's one crucial step before the champagne corks pop – the sales agreement.
According to the definition, a sales agreement is a legally-binding document that validates the authenticity of a property’s ownership by defining the agreed-upon terms between the property buyer and the property seller. Alternatively, many also call it a purchase contract or a sales contract. In India, a sales agreement must be printed on non-judicial stamp paper. Do note that the value of the stamp duty varies by location. Thereafter, you need to register the sales agreement with the local sub-registrar office for legal validation.
Any mistakes in the sales agreement – or a missing sales agreement – can put a homeowner and the seller in a lot of legal soup. So, how do you ensure that doesn’t happen to you? By learning about the major components and details of a sales agreement.
Before we delve into the labyrinth of the sales agreement, let's ensure it's equipped with all the necessary gears. That means going through the list of its most vital components.
In every typical sale agreement, you are likely to find the following:
Apart from these components, a sales agreement generally also comprises allocation of closing costs and other fees, any legally-required disclosures, signatures of all parties, etc.
Before you put pen to paper, here's a handy checklist for your home purchase sales agreement:
To sum up, a sales agreement is not only a legal document that protects property buyers and sellers, but also serves as a guide for the homebuying process. Once you have a thorough grasp of all its components and legal aspects, you can rest assured of completing the home purchase process smoothly. Ultimately, you can avoid the potential pitfalls of purchasing your dream home by following the terms and conditions to a T.
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