Why Do I Need A Purchase And Sale Agreement
This may be a stupid question...
If I am having the seller sign a warranty deed and having the property deeded into my name right away...
Why would I need to have a purchase and sale agreement?
Does the purchase and sale agreement just put into an agreement what we did with the deed?
kph,
The Purchase & Sales Agreement will lay out the terms of the sale, so later on you do not get into a he said - she said confrontation, should litigation be brought into the picture at a later date.
Get it in writing, spell the deal out, you will be glad you did.
John $Cash$ Locke
[addsig]
It sounds like you are buying the property without title insurance.
Why in the world would you pay out your money without knowing you could sell it free and clear some day in the future?
The right way to go is to have a purchase and sale agreement and a closing according to that agreement.
You are then assured of NO BACK TAXES, a CLEAR TITLE going back 30 years, and a TITLE INSURANCE policy to guarantee the above.
[addsig]