Understanding your purchase agreement.
A purchase agreement is an important legal document. Read the entire agreement, confirm that it matches your understanding of the transaction, and ask questions before signing.
What to review carefully.
Every agreement can be different. The actual document controls. The topics below are a general guide to areas sellers commonly review.
- Buyer and seller identity: confirm the legal names of the parties.
- Property: confirm the address and any legal description or parcel information.
- Purchase price: confirm the amount and any credits or adjustments.
- Earnest money: review whether earnest money is required, the amount, and how it is handled.
- Due diligence and contingencies: understand any inspection, access, approval, financing, title, or other conditions.
- Closing date: review the scheduled or target timing and any extension rights.
- Closing costs: identify who is responsible for specified costs, taxes, fees, or prorations.
- Title requirements: understand what must occur for title to be conveyed.
- Assignment provisions: if present, read them carefully and understand what the agreement permits.
- Default and termination: review the rights and obligations if the transaction does not proceed.
- Signatures: make sure the document is complete before signing.
You are allowed to ask questions.
We encourage every property owner to read the entire purchase agreement carefully before signing. If you have questions about a Catalyst agreement, call (423) 545-1188 or email info@catalystacquires.com.
You may also choose to have the agreement reviewed by an attorney or other qualified professional before signing.
Know what comes next.
Once an agreement is executed, the transaction typically moves into due diligence, title review, and closing coordination according to the terms of the agreement.