What is the sale agreement?

Whenever you buy or sell a house you will encounter the sale agreement

The agreement, or contract, is an offer by the interested buyer to the owner of a property. The buyer presents the offer to the owner, and if the owner accepts it, will sign the sale agreement in acceptance. This forms a binding contract.

What are the requirements for a sale agreement?

• The contract has to be in writing. You can’t get away with making a verbal agreement or contract.
• The agreement must be signed by both the buyer and the seller. If you are married in community of property, then you and your spouse have to sign the contract.
• All promises that either party makes should be included in the contract, in writing.
• If the buyer and seller have verbally agreed on changing something in the contract, it won’t be valid unless it’s put in written form and signed by both parties.

For assistance drafting a contract, contact us.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)