Kansas Residential Purchase and Sale Agreement
The Kansas Residential Purchase and Sale Agreement form is a legally binding agreement between both in selling real estate property. This agreement includes the sales price, the way the buyer will bring financial consideration, and the transaction’s closing date. The contract ensures that all parties involved are on the same page regarding their expectations and conditions for purchasing or selling a residential property, covering all possible areas of dispute.
When selling a property, the seller or their representative must provide the potential buyer with a Property Condition Disclosure Statement. This statement is a detailed report outlining the property’s current condition. It is crucial because it allows the buyer to be fully informed about any issues that could impact the purchasing process of the property or the amount they offer.
Purchase Agreement Timeline
- Day 1 – The Seller accepts the buyer’s offer.
- Day 2-14 – The agreement is drafted then both parties sign the purchase agreement.
- Day 15-25 – The buyer usually schedules the home inspection and the Title Search begins.
- Day 26-70 – Financing is secured. The seller starts to move out (vacate) the property.
- Closing Day – The home sale is complete once both parties sign the purchase agreement.
Lead-Based Paint Disclosure – Any structure built before 1978 requires a lead-based paint disclosure form to be signed by new tenants.
Sources: § 58-2551