Be careful, because many forms you may find are deceptively described as "valid in all 50 states." "Valid" does not mean that the contract meets the state and local requirements to sell property.
Using such a form can cause all kinds of issues, including:
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A common misconception about real estate transactions is that just one party, buyer or seller, pays all the closing costs. One party paying all closing costs almost never happens.
Typically, both buyer and seller have closing costs, that are generally broken down as:
No. Purchase agreement contracts do not typically list any of the closing costs a buyer and seller pay. Sometimes, the sale contract will mention that a seller is paying for a specific amount of the buyer's closing costs. Closing costs vary by zip code, purchase price, and other factors. Contact us as in some areas we can provide you with a closing cost estimate.
Closing a real estate transaction is also known as escrow in some areas. It involves orchestrating the necessary third parties:
Most transactions involve some but not all of these other parties.
