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Click ‘Get Form’ to open the General Sales Contract - Alabama in the editor.
Begin by entering the date and the names of the Purchaser(s) and Seller(s) at the top of the form. Ensure all parties are clearly identified.
In the 'Purchase Price' section, specify the total amount and detail how it will be paid, including earnest money and cash on closing.
Fill out the 'Title Insurance' section, ensuring that you understand who is responsible for obtaining insurance and any exceptions that may apply.
Complete the 'Prorations & Hazard Insurance' section by noting how taxes and insurance will be divided between parties at closing.
Specify closing and possession dates in their respective sections, making sure to clarify any conditions regarding property occupancy.
Review and fill in details about property condition, warranties from the Seller, and any additional provisions as necessary.
Finally, ensure all parties sign where indicated, acknowledging receipt of earnest money and confirming agreement to terms.

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What is a simple sales contract?

A sales contract is a legally binding document between a buyer and seller. The document includes the details of the exchange, the terms of sale, clear product or service descriptions and more. A good sales contract should leave no doubt in either partys mind about their rights and obligations during a transaction.

What is the general residential sales contract in Alabama?

In Alabama, the General Residential Sales Contract is a legal document that outlines the terms and conditions of a residential property sale. While there is no specific due date mentioned in the contract, it is essential for both parties to establish a timeline to ensure a smooth transaction.

Can I write my own purchase agreement?

Yes, you can absolutely write your own purchase agreement! But starting from scratch can be time-consuming and can get complicated quickly with legal language, required clauses, regional regulations, etc. The good news is that you dont have to start from ground zero.

What is the new law in Alabama for real estate?

Alabama is the first state to Adopt this law allowing Home Buyers to tour homes without a Buyer Agreement contract. This law bypasses the NAR ruling encourages home buyers to get out and look at homes without feeling hindered by forced contracts with Real Estate agents.