Understanding the Purchase and Sale Agreement While Selling Your Home Privately

 

Selling your home privately can save you thousands of dollars that you would otherwise pay in marketing, agency fees, home staging, etc. 

Putting your home on the market is not as simple as placing a "for sale" sign in your front yard. There are a few things you need to do first when selling your home privately. One of the most important aspects understands the purchase and sale agreement. 

The purchase and sale agreement is a legally binding contract between you and the buyer. It outlines the price of the home, the down payment, the closing date, and other important terms and conditions of the sale. It's important to understand all the terms of the agreement before you sign it. Here’s why: 

1. Every purchase and sale agreement is different. 

There is no standard purchase and sale agreement form. Every transaction is unique, so you should take the time to read and understand every line of your agreement. If anything is unclear to you, ask your real estate agent or lawyer to explain it. 

2. You could be held responsible for any misrepresentations in the agreement. 

If there are any inaccuracies in the purchase and sale agreement, you could be held responsible even if you didn't know about them. It's essential to review the agreement carefully and ensure all the information is accurate before you sign anything. 

3. You may be able to negotiate some of the terms. 

The purchase and sale agreement is not set in stone. If there are any terms you're not happy with, you may be able to negotiate them with the buyer. However, it's important to remember that the buyer is under no obligation to agree to any changes. 

So, what happens after you've signed the purchase and sale agreement? It's not yet over. Both sides will need to follow the conditions until everything is completed. Once they are met, the contract becomes unconditional. Both parties are then legally obligated to follow through with the sale. Unconditional contracts provide sellers with the assurance that a sale will be completed. 

Understanding the purchase and sale agreement is critical if you sell your home privately. Make sure you take the time to review it carefully before signing. Consider working with a team of property experts who can guide you in selling your house from start to finish. Some of the best ones have access to private networks of New Zealand property buyers, making it much easier to sell your house quickly.