Having a written Purchase Agreement will guarantee that there is protection in your case if a sale should occur. As the holder of a property, you are obligated to honor all agreements regarding the purchase and use of the property. There are many points that a written agreement may have and it is your responsibility to adhere to them.
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The written agreement can include things such as charges for installation, repairs, maintenance, and the service fees that are involved. If these items are not included in the agreement then you are bound by the insurance company’s rate. They are not required by law to include these types of items with your purchase contract. The Owner will have to verify this information with the insurance agent before finalizing the purchase agreement. Other necessary documents that are included in a Purchase Agreement are the title and the lease for the property.
A Purchase Agreement is very important to protect your financial interests. If you do not have an agreement in place then you could be liable for any deficiency if you fail to meet the terms of the agreement or if you do not make your payments on time.
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Although the purchaser will be responsible for any expenditures involved with the Purchase Agreement, this does not mean that the Seller has no responsibility for the transaction. The Seller is obligated to pay any taxes or title taxes that may apply. If any of these are owed then it is your responsibility to make sure that the cost is paid.
The new owner is not allowed to sell the property and begin another transaction without getting the proper documentation from the seller. They will need to bring their receipt for the purchase. It is also your responsibility to check to make sure that all payments have been made on time and that they have not defaulted.
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If a sale occurs that is less than what was agreed upon, you are bound by the agreement and will be liable for any shortfall. If you choose to appeal the sale then you will be required to submit documents that prove your claim. If the buyer or investors decide to take your property, they will need to follow the Sale Agreement, even if they do not agree with all of the terms.
In conclusion, having a written Purchase Agreement ensures that you will not get caught with your pants down if a sale occurs. Even if the purchase agreement is clear, it is your responsibility to follow it and ensure that it is followed. The owner will be held liable for any deficiency if a sale does not occur or if they default on the agreement.
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