A notary agreement of sale is a legally binding document that outlines the terms and conditions of a sale between a buyer and a seller. This agreement is signed and witnessed by a notary public, who is authorized to certify the authenticity of the signatures and the legality of the contract. Notary agreements of sale are commonly used in real estate transactions, although they can be used for any type of sale.
The purpose of a notary agreement of sale is to ensure that both the buyer and the seller are protected from any potential disputes that may arise during or after the sale. By signing the agreement in the presence of a notary, both parties are acknowledging that they fully understand the terms of the sale and agree to abide by them.
One of the key elements of a notary agreement of sale is the description of the property being sold. This includes details such as the address, the size of the property, and any features or amenities that are included in the sale. The agreement will also specify the sale price, any deposits or earnest money that have been paid, and the payment schedule for the remainder of the purchase price.
Another important aspect of a notary agreement of sale is the contingency clauses. These are conditions that must be met in order for the sale to be completed. For example, a buyer may include a contingency that the sale is contingent upon a satisfactory home inspection. If the inspection reveals that there are significant issues with the property, the buyer may be able to back out of the sale without penalty.
In addition to the property description and contingency clauses, a notary agreement of sale will also include other standard terms and conditions. These may include provisions for closing costs, property taxes, and any other fees associated with the sale. The agreement will also specify the date on which the sale will be closed and the possession date, which is when the buyer will take possession of the property.
Overall, a notary agreement of sale is an essential document for any real estate transaction. It provides both the buyer and the seller with a legally binding contract that protects their interests and ensures that the transaction proceeds smoothly. If you are involved in a real estate sale, be sure to consult with a qualified notary public and have a comprehensive agreement of sale drafted and signed before proceeding with the sale.