Getting to Know the Types of Home Purchase Agreement to Learn More of the Contract
Making agreement happens to be the needs of various aspects in our life. Agreement over property for example, is not done for those who want to rent it only. You will have to make home purchase agreement too if you want to purchase one. Indeed, there are many things need to be thought of.
There must be lots of questions when you first do that, like how to do it, how to begin, what to do, and more. Before that though, you’ve got to learn that there is more than one type of this agreement. Let’s see below in this chance.
Home Purchase Agreement Type to Know 1
What comes first must be the most common one of all. Since that is the case, the first type to know would be the residential purchase agreement. As you might have guessed, the contract is made between the buyer and seller of the land. Here, you will get the chance to do the land inspection.
You can have the real estate inspector to do it for you before signing this home purchase contract. It is said that the contract will cover the necessary details in. It could be the price which might differ depending on the condition of the property.
Home Purchase Agreement Type to Know 2
What comes next is lease agreement. Yes, renting is part of the agreement types you need to know of. However, this type is meant for those renting the land for additional source of income, not for the renter to live in. Of course, this contract here is made between the landowner and the tenant.
The contract will have to include the exact amount of the rent money, down payment, maintenance, and others of the kind. There is more to it when it comes to renting place compared to one making purchase of it. Pay attention to the details.
Home Purchase Agreement Type to Know 3
Then, there is power of attorney and this home purchase type is quite different compared to the others. This time, the agreement is meant for trustee to act on your behalf, especially in times of emergencies. There might be times when you can’t sign contracts and agreements yourself, right?
The trustee will do the job for you instead. They could be your relative, family, lawyer, or even spouse. The agreement must be made to make it clear that you have entrusted the authority to the chosen trustee in case of the said emergency.
Home Purchase Agreement Type to Know 4
Lastly, there is contract for deed and it acts like that of mortgage payment agreement. You often find this contract type being used in banks. The property seller and lender will make agreement about the payment and in what term the lender has to pay it to the seller. It could be monthly.
It could even be quarterly or even annually. Depending on the term, the amount of every payment to make would be different. Now you know that each type of home purchase agreement is meant for different use. Do use the type accordingly.
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