The owner may also decline the proposition and come back with a counteroffer that requests an increased purchase price or includes an additional stipulation that they require to proceed. If the homeowner accepts the terms presented, they may sign the contract to secure a binding purchase agreement. The initial offer is usually proposed by the buyer in the form of this document. These may include forfeiting earnest money or pursuing litigation.The New Jersey purchase agreement records the vital aspects of a sale for residential real estate, such as the amount the buyer is willing to pay for the home, how much earnest money will be held in escrow, personal property that will remain within the dwelling/land, and any other contingencies the buyer or seller would like to introduce. Purchase agreements often contain directives indicating steps buyers or sellers are allowed to take if the other party defaults on the agreement.
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