Once the appraisal is complete, and sometimes before, a more formal contract for sale is signed and executed by both buyer and seller. This replaces the more informal purchase offer/binder that was signed before inspections were performed. The seller’s attorney most commonly generates the contract, which is then sent to the buyer’s attorney for review with his client(s). The buyer’s attorney almost always adds certain rider conditions to the contract.
The buyer signs the contract first and submits it, along with any added riders, to the seller’s attorney along with the agreed upon down payment, which is commonly held by the seller’s attorney in escrow until closing. If all is in order, the seller’s attorney will have his client(s) sign the contract and then deposit the down payment into escrow.
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