Does the seller sign the purchase agreement for a house before or after the buyer?

Question

I'm curious about the steps involving a purchase agreement.

I'm not buying/selling a house. I'm trying to predict what someone else is doing...Do the buyer and seller meet in a room and sign together? or does one sign a paper and have it sent to the other?

Answer 1

I disagree with both previous answers. It is not true that in most cases there is an attorney - in some states there rarely is one used.

You do need to use a title company in most, if not all, states. As for everyone being in the room at the same time, this does not happen all the time, either. Sometimes one or both parties are out of state. Also, what happens when the sellers are getting a divorce and can't stand each other? It still gets worked out.

The real answer is this - if an offer has not been presented, from a buyer or their agent, then there is no purchase agreement to be signed by the seller. Makes sense, doesn't it?

And, what buyer, in their right mind, would sign a purchase agreement written up by the seller? The only time I can figure this is when someone is buying a new home from a builder and has to use the builder's purchase agreement, but even then the buyer signs first.

Answer 2

Well in most states an attorney is not used at all for closing real estate transactions. I wish those states that still allow attorneys to do real estate closings to take it out of their hands.

As far as where the different parties are when an agreement has been reached, it does not make any difference.

If you have a real estate agent that is what they are for to see that all parties are on the same page, write up the offer from the buyer and any stipulations the buyer would like to see happen. The real estate agent then make contact with the seller and see of the agreement as dictated by the buyer is correct to include all stipulations. If the buyer add or take anything away the real estate agent has to go back to the buyer to see if he agrees.

The primary items in a real estate sales contract is the sales price, the down payment, how the buyer will come up with the difference between the down payment and the sales price, whether if will be all cash or the buyer will be required to get a loan and the loan amount. Also the times in which this transaction is to close. The other thing is will the seller pay any closing cost and if so how much. There are other things that might go into a real estate sales contract, but those are the primary things.

Now once everyone has agreed the real estate agent writes the sales contract that all have verbally agreed to. Now who signs it first is of no consequence since they have agreed verbally to what should be there. Both do have to sign. Why would one not have to sign, both are agreeing to perform ceretain binding acts.

Now if something else comes up that need addressing, the sales agreement is amended and again both parties have to sign the amendment. There could be several amendments to the original agreement.

Now if there is no agent involved you still don't need an attorney, just the two principals to either telephone each other or sit in the same room and agree as to what each will do during the sales contract. You must still have the same thing in your contract, even if it is between two parties not represented by a real estate agent.

Now once the real estate sales agreement has been signed it is taken to the escrow closing agent who puts it into escrow closing instructions for both parties to sign. Some might also do this through a title company.

If a mortgage broker is involved, he also get a copy of the sales contract. He then goes out to get the necessary mortgage in order for the transaction to close.

This is basically how a real estate sales contract is obtained and those that must sign it.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

The seller's never sign first or they might become blindly agreeing to whatever a buyer writes down. Once a seller receives a buyer signed purchase agreement they can sign and / or counter offer and sign. Then it is up to the buyer to agree to the sellers counter offer or to counter that back to seller. When all parties have come to mutual agreement both parties must have signed off on all changes and terms contained in the agreement. The purchase and sales agreement is in affect merely escrow instructions that state the terms and conditions that will make the sale. The agreement escrow or a attorney draws up at closing is the only one a seller should sign without needing a buyers signature first.

Answer 4

Some of these people think you mean the deed. The Purchase agreement is the offer to by until the seller signs. Thererfore the buyer signs first and their agent gives it to the seller agent to present to the seller. If the seller accepts then they sign it. At closing only the seller signs the deed.

Answer 5

GIRL, I agree with the first answer. But did you think about having a Title Company involved. A Title Company is almost as good as having an Att. They hold all the papers for both of you until the purchase is paid off. They protect both -- buyer and seller.

Good Luck!!

It doesn't make a dang bit of difference who signs first --- as long as everyone is in the room at the same time! LOL

Answer 6

The seller sign the last one since he is the one who sales the property and needs to see the finial numbers. Not Every State has an attorney; some used he escrow/title company with Public Notary as a witness.

Answer 7

usually there is a lawyer and I don't really think it matters