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Real Estate Purchase Contract

Real Estate Purchase Contract (commonly called a REPC by Realtors), also known as "an offer to purchase," is a legally binding contract that outlines the terms of sale of the property. The contract must be agreed upon and signed by both the buyer and the seller. Information included in the REPC is:

·                      The names of the buyer and the seller

·                      Address and description of the property

·                      Items that are included in the sale of the property (built-in appliances, drapes, fixtures, satellite dishes, etc.)

·                      Items that are excluded in the sale of the property (chandelier, matching drapes, awnings, satellite dishes, etc.) .

·                      Water rights

·                      A description of the survey work that will be prepared

·                      The purchase price

·                      Method of payment, financing and appraisal contingencies  

·                      Settlement and closing deadlines and conditions

·                      When possession will be granted

·                      Confirmation of Agency

·                      Inspection conditions which give the buyer the right to cancel the sale

·                      Amount of earnest money --the money you pay to the seller proving that you a serious buyer (usually 1 percent of the purchase price)

·                      Contract deadlines

Your agent will have a REPC form for you and the buyer to fill out.  With permission of the buyer, you can alter the form, omit conditions or use an entirely new form.