purchase agreement
An agreement that is also known as the deposit receipt
deposit receipt
Contract that acts as the receipt for earnest money given by the
buyers to
secure an offer, as well as being the basic agreement,
between the buyers
and sellers. Also known as the purchase agreement
escrow instructions
The written directions, signed by buyers and sellers, detailing the
procedures
necessary to close a transaction and direct the
escrow agent on how to
proceed
consideration
A buyers’ deposit in the form of cash, a personal check, cashier’s
check,
promissory note, money order, or other form usually for
1-3% of the purchase
price of the property
contingencies
Statements that define the terms of an agreement and give the other
party
to the agreement cause to void an offer if the terms are
not met
early move-in
A clause that allows the buyers to take possession of the property
prior to
the close of escrow
counteroffer
An offer made in return by one who rejects an unsatisfactory offer
bilateral contract
An agreement stating that each person promises to perform an act in
exchange for another person’s promise to perform
easement
is like giving someone else the right to use or access a part of your property for a specific purpose, even though you still own the property
proration
process of distributing or dividing the expenses or income
between the sellers and the buyers usually up to the date of
closing or the
date of possession
all-cash transaction
purchase where the buyer pays for the entire cost of the property upfront, without relying on financing or a mortgage.