Idaho Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage
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How to fill out Agreement To Purchase Condominium With Purchase Money Mortgage Financing By Seller, And Subject To Existing Mortgage?
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FAQ
GENERAL USE: The Agreement of Purchase and Sale Condominium Resale is the document that is used to state the Buyer's desire to purchase the property, and to negotiate the terms of the sale. It is commonly referred to as an ?Offer?.
A sales and purchase agreement (SPA) is a binding legal contract between two parties that obligates a transaction to occur between a buyer and seller. SPAs are typically used for real estate transactions, but they are found in other areas of business.
Buyer and seller enter into a contract for buyer to purchase seller's condominium unit using the TREC Residential Condominium Contract.
A purchase and sale agreement is used to document the parties' intentions and the terms they have agreed will govern the transaction. You can include specific terms like the product or property, the price of the product or property, conditions for the delivery of the product, and the date of product delivery.
A buyer whose seller has breached their purchase agreement is also entitled to recover related expenses incurred by the buyer after the breach. These post-breach expenditures only qualify for recovery when they are the natural result of the seller's breach, called special damages.
Any purchase agreement should include at least the following information: The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
When a sale involves seller financing (also called a vendor take-back mortgage), a seller may own their property outright (i.e. there is no mortgage.) The seller agrees to sell the property to a buyer in exchange for a buyer's monthly payments, including interest ? as opposed to the full purchase price upfront.