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FAQs

Purchase Agreement

1. Why do we need to use the SellerNation Purchase Agreement?

2. Where can I get a copy of the Purchase Agreement for review?

3. What if my buyer doesn't agree to the terms of the Purchase Agreement?

4. Can the buyer do inspections?

5. Is there a financing contingency?

6. Where do I upload the contracts?


1. Why do we need to use the SellerNation Purchase Agreement?

We provide a standardized purchase agreement so that all bids are submitted according to standardized terms.  


In the traditional real estate world, every offer received by a seller comes on a different set of forms. And even though they are all designed to do the same thing (i.e. create a contract between a buyer and seller to transfer real estate for a price and terms), every purchase agreement has subtle differences that create a possible liability for the parties.

Ask any attorney, and they'll confirm that even simple word changes in a contract create an entirely different agreement.  

In our view, by having a singular document we have created a level playing field.

A copy of the Purchase Agreement should be reviewed before submitting any offer so that all buyers are aware of the terms.

To review a copy, CLICK HERE.

2. Where can I get a copy of the Purchase Agreement for review?

CLICK HERE

3. What if my buyer doesn't agree to the terms of the Purchase Agreement?

If there is a specific clause that your buyer has an issue with, you should indicate your concerns in the "Comment" section of the offer submission page. 


Or, if it's easier, you can mark-up a sample document and forward a copy to the listing agent for review.

Keep in mind that all buyer's offers are considered using the terms of the SellerNation Purchase Agreement and any significant changes to the detriment of the seller will be considered accordingly.

4. Can the buyer do inspections?

Yes, the buyer has the option to do inspections and perform necessary due diligence under terms of the Purchase Agreement if negotiated that way.  We encourage all buyers to perform private home inspections.



5. Is there a financing contingency?

If your buyer's bid includes the selection of financing, there is a contingency in the agreement for buyer to obtain mortgage approval.  Please review a sample of the required Purchase Agreement for more information.

6. Where do I upload the contracts?

The SellerNation auction process is paperless process until a bid is accepted by the seller. Contracts are not required since the eventual purchaser will be required to use the SellerNation purchase agreement if terms are accepted.

Specific instructions to upload your buyer's executed SellerNation Purchase Agreement are provided via email when the offer is accepted.

 

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