A Residential Purchase Agreement: General Financed Contract is a legally binding agreement between a buyer and seller for the purchase and sale of a residential property. The agreement outlines the terms and conditions of the sale, including the purchase price, closing date, financing terms, and other provisions. This agreement is commonly used when a buyer is obtaining financing to purchase the property. There are two main types of Residential Purchase Agreement: General Financed Contract: a standard contract and a short-form contract. The standard contract includes more detailed information than the short-form contract, such as disclosures about the condition of the property and the fixtures it includes. The agreement also outlines the responsibilities of the buyer and seller, such as providing an inspection report or disclosing any material defects in the property. Both parties must sign the agreement for it to be legally binding.
Residential Purchase Agreement: General Financed Contract
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