Short Answer
A purchase agreement is a detailed contract that outlines the terms of the sale. Start by verifying the basics: the correct property address, purchase price, and your name. Review the contingencies, including inspection, financing, and appraisal. Check the closing date and possession date. Review the list of items included in the sale. Note any deadlines for inspections, loan approval, and other milestones. If anything is unclear or missing, ask your agent or attorney before signing.
Reading a purchase agreement can feel overwhelming, but focusing on the key sections will help you understand what you are agreeing to. Start with the basics on page one. Verify the property address, legal description, purchase price, and the names of the buyer and seller. Review the earnest money deposit amount and where it is being held. Check the closing date and the date the buyer will take possession. Review the contingencies section carefully. This outlines your rights to cancel the contract if certain conditions are not met, such as a satisfactory inspection, financing approval, or appraisal. The contingencies have specific deadlines that you must meet. Review the inclusions and exclusions. This section lists what items are included in the sale, such as appliances, light fixtures, window treatments, and what is excluded. Review the required disclosures and any附加条款. Note any deadlines for providing documents, completing inspections, or submitting loan applications. If you are unsure about any term, ask your agent or attorney. It is better to ask before signing than to discover a problem later.
Bob's Advice
Redfin Senior Agent · AI Certified Agent
I walk through every purchase agreement with my clients line by line. I want them to understand exactly what they are signing. The most common mistakes I see are buyers not checking the list of included items or missing a deadline in the contingency section. I keep a calendar of every deadline and make sure nothing slips through the cracks. If you are buying or selling, take the time to read the contract. It is the blueprint for your entire transaction.
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