Why do I need a residential purchase agreement when selling a house?
It’s commonplace for real estate law to require all contracts for the sale of real property be in writing. Homepie is at the cutting edge when it comes to having a practical, easy to use, contract.
Does the buyer or seller write the contract?
When you use Homepie’s offer negotiation software in a supported state, your contract is automatically generated by the system. There is no need for the buyer or seller to worry about writing something up, and if they did, it’s inevitable something required would be missed. When you use Homepie’s offer negotiation tool, all property information, buyer and seller information, and agreed upon terms are populated into a digital contract that can be used for closing escrow.
What happens after signing a purchase agreement?
Once all parties complete the signing of a purchase agreement, the clock starts ticking. Whether you are a buyer or a seller, you will have certain time frames in which to meet your contractual obligations. If you have used our offer negotiation process and now have a purchase contract, you will want to reach out to us through our chat feature or get in touch with the representative you have been working with, to begin our optional Transaction Coordination
(TC) service. Your TC will guide you through the paperwork needed to process the sale correctly and will keep all parties on track.
Does it matter where my property is located?
Yes, it matters. Real estate purchase contracts are written with specific state law in mind. It’s important to use a contract that is specific to the state in which your property is located. To see which states are supported by our automatic purchase contract, click here
What type of property can I use the purchase agreement with?
The contract is designed specifically for one to four unit residential properties. Homepie’s purchase agreement is not designed for land, mobile homes, commercial property, or business opportunities. If you use the contract for any property other than one to four unit residential property, use at your own risk. We are expanding our contract offering to include many different types of property.
Can I write my own residential purchase agreement?
It’s probably not in anyone’s best interest to write their own real estate purchase agreement except a California real estate attorney. There are many laws governing contracts for the sale of real estate including disclosure requirements and much more.
Can a real estate agent use Homepie’s system?
Homepie is designed to work for everyone who would like to buy or sell a home. We welcome listing agents as well as buyer agents to use our platform, and the offer negotiation and contract are always free. Agents who use our software are blown away at it’s simplicity and effectiveness. The offer negotiations that traditionally take agents hours and days to complete, can now be done in a matter of minutes.
What happens if I get multiple offers?
In today's market, multiple offer scenarios are very common, so we designed Homepie's offer negotiation system to work flawlessly in this case. Whether you have one offer, or 30, our system will help you easily manage them. View and respond to them side-by-side in a beautifully organized offer dashboard.
What if an agent writes me an offer on their contract?
You may come across an agent who wants to submit an offer using their contact which is typically provided by their local Association of Realtors. Working with this type of offer would have to be done outside the Homepie system making it really difficult for any seller. While it’s likely there is nothing wrong with their contract,, you will not be able to use the negotiation or transaction features we offer if you accept an offer on a contract of this type. Furthermore, they are incredibly hard to digest for anyone, even some professionals. Using our system will eliminate the ability for a buyer or their agent to slip in a term that goes unnoticed… you don’t want to find out at closing that you inadvertently agreed to pay for something without knowing it was in the contract. This is also why we have a Sample Residential Purchase Agreement
for you to view ahead of time.
Does Homepie purchase agreement include any agent commission?
A commission agreement is typically not part of a California real estate contract. If a commission is offered by a seller or listing broker and the home is in the MLS, the commission will be displayed in the MLS. Buyers brokers who are part of the MLS where the listing is displayed are offered the commission if they bring a buyer with an acceptable offer and then they close. This is a foundational function of the MLS. If the listing is not in a particular MLS, we usually recommend the seller sign a commission agreement with the buyer’s agent prior to showing the home to their buyer to ensure they will be paid at closing.
Is this purchase agreement compatible with all states?
Homepie’s purchase contracts are written exclusively for use in the supported states we offer them in. In states where we don’t currently offer the automatic Purchase Agreement, we provide an automatic Memorandum of Understanding (MOU) that is prefilled with the same agreed upon terms and all parties are asked to sign. While the MOU is not a binding legal contract, even when it’s signed by all parties, this document assists in memorializing a proper state specific contract. You can see a sample of the MOU here