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What Part of the Purchase Agreement is Most Important?

To be a valid sale of real estate in the State of Michigan, it must be in writing, signed by the parties. It must clearly state the terms of the sale and what conditions must be met before changing hands. Important information to include are: what items or personal property stay with the property, what is the date of closing, and what will happen if the closing is delayed. Also, tax proration calculation methods and who is paying for property inspections are typically filled out. It is necessary to have the full names and addresses of both parties, price, legal description and how they wish to hold title. Is there a trust involved? How about a 1031 Exchange? Supplying the lender’s name and address will be essential for closing, and getting a pre-qualification letter before purchasing helps in the closing process.