A disclosure is a statement or appendix to a sales contract that discloses information about the property. As a general rule, disclosure is only appropriate if required by local, national or federal law. 2. Ensure fitness for a particular purpose: if seller knows or should know that (1) buyer intends to use the goods for specific purposes and (2) buyer relies on seller`s ability or judgment to choose the appropriate goods, an implied warranty that the goods correspond for that purpose, if created. An example is a homeowner who buys paint to paint a house. If the seller recommends a particular color, but that color is not suitable for painting the houses, the seller has violated this implied warranty of fitness for a particular purpose. Whatever the seller says, have the home inspected by a certified inspector near you. A certified inspector will be someone who will most likely have an understanding of the problems with homes in the area and will be able to articulate any issues on site. In other words, a prequalification letter certifies to the buyer that he can afford the property.
Under most market conditions, the buyer will have no problem seeing every home for sale. The seller may not make any improvements or modifications, even at its own expense, without the consent and confirmation of the buyer. The first article, «I. The Parties» shall make the opening declaration of this Agreement. The language has been developed to determine the intent of both parties, so some information unique to the recorded situation is needed, if any. Start with the month, two-digit calendar day, and double-digit calendar year if this paperwork takes effect with the first two empty lines of the first statement. Now we will turn our attention to the different parties who enter into this agreement: the seller and the buyer. The second statement contains four spaces to use to identify the buyer. Indicate the full name of the company that intends to acquire the seller`s property on the empty space that is attached to the parenthesis designation «buyer».
The following three empty fields have been inserted so that we can record the «postal address of», «city of» and «State of» of the declared buyer. The seller should also be defined in this part of the agreement. Be sure to enter the owner`s full name in the empty «Seller» field. Here too, we need to provide some additional information. Use the following three fields to enter the mailing address, location, and state of the business selling the property in question. In the next article will be «II. Legal Description», we focus on residential property that is sold to the buyer. We must first define what type of property it is. For this purpose, a list of checkbox items has been inserted.
Select the control box that best defines the property for sale. You can activate the «Detached house», «Condo», «Unit Development Project (PUD)», «Duplex», «Triplex», «Fourplex» or «Other» box. Note that if you mark the «Other» field as the description of this property, you must pass the definition to the blank row of this selection. The next area of this article must have a space called «street address». Set the exact physical location of the property in question on this line. This should include the building number of the accommodation, street/road/etc. Name, applicable unit number, district/city/county, federal state and postal code in which the property in question can be physically viewed and retrieved. We will continue this report by providing its «tax information» in the next available empty line. . . .