This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Michigan Agreement Regarding Representations and Warranties for Goods Purchased and to be Re-Sold on Purchaser's Website
State:
Multi-State
Control #:
US-01815BG
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Agreement Regarding Representations And Warranties For Goods Purchased And To Be Re-Sold On Purchaser's Website?
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FAQ
The PSA includes details like earnest money needed, the closing date and specific contingencies the buyer and seller have agreed to. The PSA is where the seller and buyer agree on the terms for purchasing the home and sets the transaction in motion toward the closing.
Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
A representation is an assertion of past or existing fact given by one party to induce another party to enter into an agreement. A warranty is a promise that the assertion of existing fact or future facts are or will be true, along with an implied promise of indemnity if the assertion is false.
The representations and warranties section of the Purchase Agreement is one of the most negotiated sections of any agreement between a buyer and a seller. It covers statements of fact and promises about what is sold. The seller will make several representations and warranties about the target and assets.
A representation is a statement of past or present fact (either express or implied) made by one party to induce the other party to enter into the agreement.
Reps and warranties is a term used to describe the assertions that a buyer and/or seller makes in a purchase and sale agreement. Both parties are relying on each other to provide a true account of all information and supporting documents to close the transaction.
A representation is an assertion as to a fact, true on the date the representation is made, that is given to induce another party to enter into a contract or take some other action. A warranty is a promise of indemnity if the assertion is false.
Also known as a sales contract or a purchase contract, a purchase agreement is a legal document that establishes the parameters of the sale of goods between a buyer and a seller. Typically, they are used when the value is more than $500.
Purchase agreements usually include contingencies or situations in which you can back out of the contract without penalty. As long as you're pulling out of the purchase due to one of the contingencies listed on the purchase agreement, you're golden. If not, you may lose money.
Otherwise known as the escape clause, the cash out clause gives the seller the right to cancel a sale and purchase agreement if they receive a better offer.