You and I both know there is nothing more important than a correctly drafted real estate agreement, but there are few things that dress up a kitchen than a fun apron. Jillie Willie makes really fun aprons, and if the word “fun” seems to out of place here we know one specific thing about you . . .
A purchase and sale agreement is like an apron, or at least it can be. The color and style of the fabric, the length of the ties, the pockets or no pockets, something for every personality type, and cooking has never been so much fun! Or, you can have the one that fits the bill, and just accepts the stains and mess of the world. In fact, the mess is part of the design!
Purchasing a piece of property in WA State is very much like finding the perfect apron. We are blessed to live in a state that allows the same amount of creativity that Jillie Willie brings to each of her products, and a properly drafted purchase and sale agreement is what makes it possible.
The standard purchase and sale agreement form is really just a blank canvas, or a plain white apron. And while the color may not seem important – just like the color/style of your apron – when you are dealing with one of the largest investments of your life, you need to consider the options and make sure you fully understand the agreement.
The short answer is that it is a contract related to the sale of property, typically real estate. But, more specifically, it is a contract that encompasses a range of essential elements including; the purchase price, date of possession, closing costs, a list of items included or excluded from the sale, contingencies, earnest money, financing, closing date, lien policy, due diligence and much more.
If you are getting ready to draft a purchase and sale agreement wa state here are some elements that you should look for:
The best way to avoid the potential pitfalls of a poorly drafted purchase and sale agreement is to work with a qualified professional. While many people go into the purchase of new property thinking that it is a good value and merely a great investment, the reality is that the cost of a poorly drafted purchase and sale agreement is something that few truly understand.
While using a pre-approved template isn’t illegal or a bad idea, if you want the most out of your purchase and sale agreement a brief conversation with a qualified attorney can really help ease the process.
There are a lot of great resources available to anyone looking for legal guidance. In WA State you may engage an attorney for a specific purpose, such as drafting a purchase and sale agreement, or you may choose to build a relationship with an attorney that will assist you with your legal needs in the future. Either way, it is important to choose wisely.
The purchase and sale agreement is the most important document associated with real property ownership. Too often we treat legal documents as critical to the agreement that is often overlooked, and rightfully so. But, if we understand the terms of the documents and are sure that we are comfortable with it, the process is a positive and informative experience. Otherwise, we pay the price of not knowing and are stuck with the mess of a poorly drafted contract.
To learn how you can avoid the mess of a poorly drafted purchase and sale agreement a few tips to follow:
When it comes to drafting a purchase and sale agreement in WA State the rules are simple.
Takeaway: All of us needs something to help us feel comfortable with the process. So as you move through the process of buying or selling a shell for a new home, remember that a little help can go a long way. Consult with an attorney to ensure that you have a right fit, and you’ll be well on your way to success.