When you are ready to write an offer on a property we will be filling out a Purchase & Sale Agreement. These agreement templates are in constant transformation to reflect the result of case law and to reflect new laws. Every state handles their real estate transaction agreement differently so even if you have purchased a home before, or if you have moved from another state don’t assume you are familiar with this agreement.
When you see a copy of a Purchase and Sale Agreement you will see that page one is where all the terms of the offer are. Additional terms that customize your offer further are listed in the Addenda section of page one and attached to the agreement. The remaining pages are what we call the Boilerplate. The Boilerplate explains how your terms are to be carried out. For example, if you agree to do an inspection within ten days, exactly when would the count start? When is the deadline? And how do weekends and holidays factor in? The Computation of Time section in the Purchase and Sale Agreement explains how the timelines are counted.
Terms, boilerplate, addenda, earnest money and pre-approval letter make up the basic package that allows you to write an offer on the property of interest. Following is the list of the most basic and commonly negotiated terms listed on page one.