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Legal Requirements for Transaction
Contract Requirements

Agreements for the purchase of real property generally must be in writing and be signed to be enforceable. An offer signed by the buyer that includes all essential terms and which is accepted and signed by the seller can constitute a binding contract. A written counteroffer made by the seller that is accepted in writing by the buyer can also constitute a binding agreement. Many real estate agents have forms of such agreements for use by clients and customers. Often a more detailed agreement known as a "Purchase And Sale Agreement" ("P&S") will be signed by the buyer and seller after an offer has been accepted. The P&S will then replace the earlier agreement. If you are unsure of your risks and responsibilities under any proposed agreement you should contact a qualified attorney to assist you.
Deposit By The Buyer

It is customary for a buyer to give a deposit or binder as a show of good faith at the time an offer is presented. While the amount is negotiable, it is typically 5 percent to 10 percent of the purchase price. Normally this deposit is held in escrow, but not deposited until the seller has accepted the buyer's offer.


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• Very good information -卖房啦- ♂ (241 bytes) () 09/25/2007 postreply 11:05:13