Selling your home? Then you’ll want to understand the real estate purchase agreement, because that’s where the sale becomes official. This legal document is more than just paperwork; it outlines all the details of the deal between you and the buyer.

If you’re selling a property in Florida or Georgia, especially if you want a fast and simple sale, knowing what goes into this agreement can help you protect your interests, avoid delays, and close quickly.

Let’s break down what this agreement includes and how to make smart choices as a seller.

What Is a Real Estate Purchase Agreement?

A real estate purchase agreement is a legal contract that lays out all the details of a home sale. It’s signed by both the buyer and the seller and serves as the official agreement for how the sale will happen. This document is what turns a handshake or verbal deal into something legally binding.

So what’s actually included in a real estate purchase agreement?
Here are some of the key parts:

• The Purchase Price: This is the total amount the buyer agrees to pay for the home. It should match what you’ve negotiated.
• Closing Date: This is the date when ownership officially transfers from you to the buyer. You’ll want to make sure it fits your schedule, especially if you’re trying to sell quickly.
• Contingencies: These are conditions that must be met before the sale goes through. Common ones include home inspections, appraisals, or the buyer securing financing. If any of these fall through, the buyer can back out without penalty.
• Who Pays What: This section outlines how closing costs, fees, and other expenses will be handled. For example, will you cover part of the closing costs, or will the buyer take them all on?
• As-Is Terms: If you’re selling your home in as-is condition, that should be written clearly in the agreement. This means you’re not responsible for making any repairs before the sale.

Why Is the Real Estate Purchase Agreement So Important?

This agreement protects both sides and sets expectations. It answers the question: “Who’s doing what, and when?” Once it’s signed, both you and the buyer are legally committed to the deal, so it’s important to read it carefully and make sure everything is accurate.

If you’ve never sold a home before, the document might feel overwhelming at first. But don’t worry, you don’t need to be a legal expert to understand it. Just take your time, ask questions, and don’t be afraid to speak up if something doesn’t seem right.

Common Questions About Purchase Agreements

Do I need a lawyer to review it? While not required, having a real estate attorney (or experienced agent) look over the agreement can help you feel more confident, especially if you’re dealing with complex terms or selling a home with tenants.

What happens if I change my mind after signing? It’s not easy to back out once you’ve signed. Unless the buyer agrees to cancel, you could face legal consequences. That’s why it’s so important to understand the agreement before putting pen to paper.

Negotiating Your Agreement

Can I negotiate the terms? Yes! Most of the agreement is negotiable. You can push for a quicker closing date, fewer contingencies, or even more earnest money (the buyer’s deposit). You don’t have to accept the first version you’re given.

What if the buyer asks for repairs? If the agreement includes an inspection contingency, the buyer may come back and request repairs or a price reduction. If you’re selling as-is, make sure that’s clearly stated to avoid this back-and-forth.

Why This Matters for Your Sale

The real estate purchase agreement is a big deal. It’s your roadmap for the entire home sale. The more you understand it, the smoother and less stressful your selling experience will be, especially if you’re trying to move fast or sell a property with a few complications.

Key Parts Sellers Should Understand

When you’re selling your home, the real estate purchase agreement is where all the important details live. Even if you’re excited to close the deal quickly, it’s worth taking the time to read each section carefully. This document will tell you exactly what you’re agreeing to, and what’s expected of both you and the buyer.

Here are the key sections every seller should understand:

1. Purchase Price & Earnest Money Deposit

What is it? The purchase price is the amount the buyer has agreed to pay for your home. The earnest money is a deposit, usually 1–3% of the sale price, that the buyer puts down to show they’re serious about following through.

Why it matters: This section shows how much you’ll make from the sale and how committed the buyer is. If the buyer backs out for a reason not covered in the agreement, you might get to keep the deposit. That’s why a strong earnest money deposit is a good sign, they’re less likely to walk away.

Can I ask for a higher deposit? Yes! You can negotiate this amount just like the sale price.

What happens to the deposit if the deal falls through? It depends on the reason. If it’s a valid contingency, the buyer may get their money back. If not, you may be entitled to keep it.

2. Closing Date

What is it? The closing date is when the sale officially happens. It’s when you hand over the keys and the buyer becomes the new owner. You also get paid on this date.

Why it matters: Timing can be everything. If you need to sell quickly, maybe you’re relocating or dealing with a difficult property, you’ll want to make sure the closing date is soon and clearly written into the agreement.

Can the closing date be changed later? Sometimes, but both sides must agree to the change in writing.

What if the buyer needs more time? It depends on the situation. You can agree to extend it, or choose not to, but be aware of how delays might affect your plans.

3. Contingencies

What is it? Contingencies are conditions that must be met for the deal to go through. If a contingency isn’t met, the buyer can usually cancel the sale without penalty.

Common contingencies include:

• Home inspection
• Appraisal
• Financing approval
• Sale of the buyer’s current home

Why it matters: Too many contingencies can slow things down or give the buyer too many ways to walk away. If you want a fast, no-hassle closing, fewer contingencies is better.

Can I ask the buyer to remove some contingencies? Yes. You can negotiate which ones stay and which ones are removed.

What’s a common “red flag” contingency? “Sale of buyer’s home” can be risky, if their sale falls through, so does yours. Be cautious.

4. Disclosures

What is it? As the seller, you’re legally required to share any known issues with the property. This includes things like water damage, mold, foundation problems, or anything else that could affect the home’s condition or value.

Why it matters: Being honest protects you from future legal issues. Buyers want to know what they’re getting into, and if problems come up later that weren’t disclosed, it could lead to a lawsuit.

What if I’m selling the house as-is? Do I still need to disclose problems? Yes. “As-is” means you’re not making repairs, but you still have to be upfront about known issues.

What if I don’t know about a problem until after signing? You should update your disclosures right away. Honesty keeps everyone protected.

5. Possession Details

What is it? This section explains when the buyer can take possession of the home. It also covers what happens if the home is occupied, whether by you, renters, or someone else.

Why it matters: If you need time to move out after the sale or if you have tenants living in the home, this needs to be clearly spelled out. A misunderstanding here can delay closing or even cancel the deal.

Can I sell a home with tenants still living in it? Yes, but be sure to include those details in the agreement. Buyers need to know if tenants are staying or if they’ll need to move out.

What if I need extra time after the sale? You can ask for a rent-back agreement, where you stay for a short time after closing and pay the new owner rent.

The real estate purchase agreement might feel overwhelming, especially if you’ve never sold a home before. But if you understand these key parts, and don’t rush the process, you’ll be in a much stronger position as a seller.

Smart Moves When Reviewing a Purchase Agreement for Real Estate

When you’re going over a purchase agreement for real estate, it’s easy to feel overwhelmed by all the details. But don’t worry, this part doesn’t have to be stressful. With the right approach, you can protect yourself, avoid surprises, and make sure the deal works in your favor.

Here are some smart seller-friendly strategies to help you feel confident and in control:

1. Prefer Cash Offers When Possible

Why it helps: Cash offers are usually the fastest and simplest to close. Since there’s no loan involved, you skip the delays that come with mortgage approvals, appraisals, and bank paperwork.

Is it really that much faster? Yes! Cash sales can often close in as little as 7–10 days, compared to 30–45 days for financed offers. If you’re in a hurry to sell, whether due to relocation, inheritance, or just wanting to skip the hassle, cash is often the best choice.

Bonus tip: If you’re selling as-is, cash buyers like Golex Properties are often more open to buying the home without repair requests or delays.

2. Keep Contingencies to a Minimum

What are contingencies again? They’re conditions that have to be met before the sale can go through. Common examples include the buyer getting a loan, completing a home inspection, or selling their own home first.

Why this matters for you: The more contingencies in the agreement, the more chances the buyer has to back out. To avoid getting stuck in a slow or risky deal, try to limit these conditions, or at least put time limits on them.

Smart moves for sellers:

• Ask for inspections to be completed within 10–15 days
• Limit repairs to health and safety concerns only
• Request that the buyer waive their financing contingency (especially if they’re pre-approved or paying cash)

What if I don’t agree with their contingencies? You can negotiate. Everything in the agreement is open to discussion until it’s signed.

3. Clearly Mark the Home “As-Is” if That’s the Plan

What does “as-is” really mean? It means you’re selling the home in its current condition. You’re not agreeing to make repairs or improvements, and the buyer accepts the property just as it is.

Do I still need to disclose problems? Yes. Even in an as-is sale, you’re required to be honest about any known issues. This protects you legally and helps prevent disputes later.

Where should this go in the agreement? There should be a section that states the home is being sold as-is. Make sure it’s clear and that both parties understand it before signing.

4. Explain Any Tenant Situations Up Front

Can I sell a home with tenants living in it? Yes, and this is more common than you might think. Some buyers (like Golex Properties) even prefer it, especially if they’re investors looking for rental income.

What do I need to include in the agreement? Be very clear about whether the tenants will be staying after the sale or moving out. Include details like:

• Lease terms
• Rent amount and due date
• Security deposit transfer (if required)
• Whether notice has been given (if tenants will vacate)

Why this matters: Unclear tenant situations can cause major delays or legal headaches. Put everything in writing to avoid confusion later.

5. Avoid Long Closing Periods

What’s considered a long closing period? Anything longer than 30–45 days is typically considered long, especially for sellers who want a quick deal.

What’s the risk? The longer the timeline, the more things can go wrong, like the buyer changing their mind, losing financing, or asking for more repairs.

What can I do instead? Ask for a firm closing date within 2–3 weeks. If you’re working with a buyer who’s ready to go (especially a cash buyer), this is totally doable.

6. Ask for Proof of Funds or Pre-Approval

Why it matters: You want to be sure the buyer can actually afford the home. Accepting an offer without any proof can leave you stuck if their financing falls through.

What should I ask for?

• Cash buyers: A recent bank statement or letter showing they have the funds to purchase.
• Financed buyers: A pre-approval letter from their lender.

Can I refuse an offer without proof? Absolutely. As the seller, you have the right to ask for documentation before moving forward.

Why the Purchase Agreement Matters So Much

The real estate purchase agreement isn’t just a formality, it’s the final word on your home sale. Once it’s signed, both you and the buyer are legally locked into the deal (unless the agreement includes valid reasons to cancel).

What’s the big deal? This document covers everything: price, timeline, conditions, who pays for what, and even what happens if something goes wrong. It’s the contract that protects you as a seller and makes sure both sides hold up their end of the deal.

What if something changes after signing? Changes can still happen, but both you and the buyer need to agree in writing. That’s why it’s smart to double-check everything before signing the first time.

Is it okay to ask for help? Absolutely. If anything is confusing, don’t be afraid to ask questions or bring in a real estate attorney. It’s your home and your money, so it’s worth making sure everything is right.

Selling Doesn’t Have to Be Complicated

If you’re selling a home fast, selling as-is, or even selling with tenants in place, a company like Golex Properties can help make the process easier. We buy houses in Florida and Georgia without the back-and-forth, and we’ll walk you through the purchase agreement step-by-step.

Common Mistakes to Avoid in a Real Estate Purchase Agreement

Whether it’s your first time selling a home or you’ve done it before, it’s easy to make a mistake when reviewing a real estate purchase agreement. This document is packed with legal language and deadlines, and even experienced sellers can overlook important details.

To help you stay on track and avoid delays, here are some of the most common mistakes sellers make, and how to avoid them.

1. Not Reading Everything Carefully

Why it matters: Skimming the agreement can lead to major problems later. Even if most of it looks standard, small details, like who pays which fees or how long you have to move out, can impact your timeline and your bottom line.

Do I really need to read the entire thing? Yes. It’s your home and your deal. If anything is confusing, ask your real estate agent or a real estate attorney to explain it. You don’t need to be a legal expert, but you do need to understand what you’re signing.

Tip: Highlight sections that deal with money, timelines, repairs, or tenant terms. These are the areas that most often cause problems if overlooked.

2. Missing Important Deadlines

Why it matters: Most real estate purchase agreements come with built-in timelines for inspections, repairs, appraisals, and closing. If you miss one of those deadlines, especially for something you’re responsible for, it could delay the sale or even cancel it.

What kind of deadlines should I watch for?

• When you need to respond to buyer repair requests
• When you need to be out of the home
• When documents need to be signed or delivered
• When closing is scheduled

Tip: As soon as the agreement is signed, create a simple checklist with all the key dates. Set calendar reminders to make sure you stay on schedule.

3. Accepting a Tiny Earnest Money Deposit

What is earnest money again? It’s a good-faith deposit the buyer puts down to show they’re serious. If they break the deal without a valid reason, you may get to keep the deposit.

Why it matters: A very small deposit (like $100 or $500) may not be enough to hold the buyer accountable. You want to make sure they have something to lose if they back out for no reason.

What’s a normal deposit amount? It depends on the price of the home, but typically it’s around 1–3% of the purchase price. For a $250,000 home, that might be $2,500 to $7,500.

Tip: Don’t be afraid to ask for a higher deposit if you feel the amount is too low. This can help protect your time and your sale.

4. Overpromising Things You Can’t Deliver

Why it matters: It’s easy to say yes during negotiations, especially if you’re excited to close the deal. But promising things you can’t follow through on (like major repairs or a super-fast move-out date) can cause legal trouble or delays down the road.

What if I agreed to something I can’t actually do? If the agreement hasn’t been signed yet, speak up right away. You can renegotiate the terms. If it has been signed, you’ll need to work with your agent and possibly the buyer to update the agreement in writing.

Examples of overpromising:

• Agreeing to fix more than you can afford
• Committing to a move-out date before you’ve secured your next place
• Offering to include appliances or furniture you didn’t plan on leaving

Tip: Be honest with yourself, and the buyer, about what’s realistic. It’s better to set clear, manageable expectations upfront than to risk disappointing the buyer or delaying the sale later.

The Bottom Line: Be Smart, Be Clear, and Protect Your Sale

When it comes to selling your home, the real estate purchase agreement is one of the most important steps. It spells out the terms, protects both sides, and helps make the process smooth, if it’s done right.

If you’re trying to sell fast or don’t want to deal with showings, repairs, or buyer delays, a company like Golex Properties can help. We buy homes as-is, even with tenants, and close fast, often in just a week. After we send you our contract, we’ll walk through every detail with you to make sure you understand all terms before moving forward.

Click here to see how Golex Properties can help you sell your home quickly and stress-free.