Contract and Addendum to Agreement to Sell Real Estate

[Kay Bush]

Please help!

I found a property, made an offer, the seller agreed to the price and sent me a contract. What are my next steps before I'm legally obligated to buy the property? I don't want to send it back because I'm not sure what exactly I'm signing off on. But I don't want to lose the property either. I still want to check the plumbing out before I make a final decision. They are also asking for EMD. Will I get my deposit back?

Thanks in advance everyone!

Kay

[Steve Babiak]

Originally posted by @Rick H.:

 ... @Wayne Brooks. I've never had a seller provide their own contract. 

...

Well, for one 1031 exchange I did, when both properties were "off market" properties, and where the buyer of my relinquished property and the seller of the replacement property both had attorneys to represent them - both attorneys wanted me to supply the contract, and I used the Pennsylvania Association of Realtors standard contract with both of them, with appropriate addenda to accommodate the specifics of each side of the transaction. So I have supplied contracts as seller, and as buyer. Not so unusual to do with "off market" properties AKA properties not on the MLS.

Since the OP is in PA, I suggest finding that standard PAR Agreement of Sale and using it with a contingency on inspection as a minimum (to check the plumbing), but I think the OP seems new and should probably have a few more contingencies. That contract will have a section on Earnest Money Deposit - I suggest that the EMD be deposited into escrow with the title company that the buyer chooses to handle the closing. If the seller has this listed on the MLS, the listing agent will probably want to hold the EMD ...