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Introduction to Purchase Agreements

A purchase agreement is a legal contract outlining the terms and conditions of a property sale. For Goel Ganga Developments, it ensures clarity and protection for both buyers and the company. Key elements include identification of parties, detailed property descriptions, purchase price, and payment terms. It also covers contingencies like financing and inspections, closing dates, and possession details. The agreement includes earnest money provisions, warranties, default consequences, and dispute resolution methods.

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Introduction to Purchase Agreements

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  1. Introduction to Purchase Agreements PARTIES INVOLVED: The agreement clearly identifies the buyer and the seller, including their names, contact information, and signatures. 1 PURCHASE PRICE The total price to be paid for the property or item, along with any payment terms, including deposit amounts, payment schedule, and financing conditions. 2 EARNEST MONEY An initial deposit made by the buyer to demonstrate their commitment to the purchase, which is typically held in escrow. 3 CONTINGENCIES Conditions that must be met for the sale to proceed, such as financing approval, property inspections, and appraisal results. 4 WARRANTIES & REPRESENTATIONS Statements and assurances made by the seller about the condition of the property or item, and any guarantees provided. 5 DISPUTE RESOLUTION & TERMINATION Dispute Resolution is a Procedure for addressing disagreements and Termination is Conditions under which the agreement can be ended 6 goelgangadevelopments.com

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