Maine Purchase and Sale Agreement Form
[rawlink]http://www.wikiform.org/wp-content/uploads/2014/01/MainePurchaseandSaleAgreementForm.doc[/rawlink]Relevant article from our knowledge databaseThe purchaser can only purchase the seller's home in the event the buyer obtains a contract for the selling of the purchaser's home and can close title on such home. He asks the seller for a period of time in which to enter into a contract for the sale of the buyer's house. It helps a buyer to work out a residence and put in under contract while the purchaser attempts to sell their residence. There are a number of things buyers look at when they're looking for a new residence.
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In the event the buyer terminates the contract in this moment, they have the right to get their earnest money back. If he decides to back out of the deal and there is no option period (discussed later), the seller can keep the money. The buyers won't be pleased. The second buyer may not be ready to wait around for that opportunity to pass and might look to locate another house without a house sale contingency.
In this manner, the seller isn't hurt in the event the buyer never sells their property. It also enables the seller to keep on showing the home to other buyers as a hedge against the very first buyer being unable to sell their residence. Say a seller may not know that a repair was done incorrectly and thus the issue still exists. If you're a seller and you've changed your head about selling your home to a specific buyeror selling at allyou may have an out, based on how the contract was negotiated.