THE PURCHASE AGREEMENT

        & Contingency Agreements

The buyer and seller sign a real estate sales contract or purchase agreement. If the seller or buyer retains a Realtor or real estate agent, the agent(s) will negotiate and draft the purchase agreement. If there is no Realtor, as in a For Sale by Owner transaction, The English Law Group, P.S.C. can draw up the contract, or review a contract prepared by the homeowner.

At the English Law Group, we assist executors, power of attorney, and adult children sell their parents’ or loved one’s home. Oftentimes, the executor is many many states away. If you are assisting a loved one downsize, or if you have been appointed a representative for an estate, call the attorneys at The English Law Group to see how we can help.

    THE PURCHASE 

              Agreement Addresses

  • Selling price and down payment / earnest money deposit

  • Who is responsible for closing costs (including any mortgage points)

  • A date for the closing meeting

  • Furnishings and appliances that will remain with the property

  • Survey, termite report, inspections and other requirements

Knowledgeable
& Friendly Service

WELCOME, WE’RE GLAD YOU’RE HERE!

Contact the experienced Kentucky & Indiana real estate law firm of The English Law Group P.S.C., to arrange your initial consultation. Our friendly and patient staff is always available to answer questions. at (502) 425-8717. You can also contact our real estate law firm online.

CONTINGENCIES

       What You Need to Know

Closing is typically contingent on several factors:

Home
Inspection

The contract may require the buyer to complete an inspection within a specified period. Buyers should retain a licensed home inspector to examine the structure, utilities, wells and septic systems, and environmental issues (e.g., mold, radon gas). If defects or repairs are identified, the parties negotiate (in writing) how they will be amended. The buyer may demand repairs before closing or compensation at closing.

Clean
Title

By offering a home for sale, a seller is stating ownership of the property and rights to sell it. However, the seller may be innocently unaware of defects to title, fraudulently selling a property they don't own, or willfully concealing title defects. For many reasons, the buyer should purchase title insurance and be advised to retain an attorney to conduct a title search to research the chain of title before closing on a home. This protects the homebuyer from future litigation over:

— Liens, or claims against the property. In Kentucky, a spouse possesses a dower or courtesy interest in the home even if his or her name is not on the deed. The seller may owe taxes or a third party may have a court judgment against the seller's assets. In Kentucky, the city may even hold a "weed lien" against the property for negligent upkeep.

— Easements. A thorough title search should reveal the rights of any third party to use or access the property (utility company, municipal body, or even neighbors).

After all title issues have been identified, The English Law Group, P.S.C. will issue a written opinion of clear title.

Mortgage Commitment
by Contract

The buyer may be required to provide proof of financing. The contract will set a date for mortgage approval contingency. If the seller cannot obtain a mortgage and notifies the seller by that date, the earnest deposit is returned. The seller must provide all documentation of existing mortgages, if any, including the loan number and payoff date.