How can a future purchase of property be made legally binding?

UPDATED: Sep 16, 2011

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How can a future purchase of property be made legally binding?

Have agreed to buy an owners house if he buys ours. We must wait until we file with IRS to prove 2 years of self-employment. Is there an instrument that will bind such an agreement? If so, what? And if not  then how can I make sure I’m not wasting time by not marketing mine?

Asked on September 16, 2011 under Real Estate Law, Texas


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

In order to enter into a legally binding signed and dated agreement where you buy a certain person's home and he or she buys yours, you first need a written agreement setting forth with specificity all the terms and conditions for the purchase and sale such as price, close of escrow, loan issues and the like.

I recommend that you consult with an experienced real estate attorney to draft up the two buy sell agreements to include all contingencies, disclosures, addendums, third party expert inspections and the like as well as to establish an escrow and order preliminary reports for both parcels.

In your situation due to certain contingencies as with most sales, a written agreement is entered into by the parties "subject to" certain contingencies occurring and being waived as investigation concerning the conditions of the proeprties and loan applications continues.

Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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