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What
concerns should you have as a buyer or seller? The essentials should
be a purchase agreement, transfer of ownership, lien search, payoff
of existing loans and holding deposit checks (when requested). A written
purchase agreement signed by all legal owners should include a closing
date, deposit requirement and provisions for a refund of that deposit
conditional upon a survey, obtaining financing (if necessary) and transfer
of clear title. Everything you agree to should be in writing. A well-defined
purchase agreement is extremely important--especially between individuals
when there is no broker.
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