When the time comes for you to purchase your new home, both you and the seller will have to come to an agreement.
The major component of the sale that both you and the seller will have to agree on is the purchase price. On a smaller scale, you both must come to an agreement on the down payment, what stays and what goes, and any minor work the property may need, etc.
Once you and the seller have come to an agreement, you will both be required to sign the agreement of sale which is provided to you by your realtor. Your realtor, who acts as your advocate will go over all of the stipulations with you before you sign the actual paper work.
Once the agreement of sale is signed, you can than move on to following through with all of the other necessary conditions required to purchase your new home.
An agreement of sale is defined as follows:
A written signed agreement between the seller and the buyer in which the buyer agrees to purchase certain real estate and the seller agrees to sell upon terms of the agreement. Also known as contract of purchase, purchase agreement, offer and acceptance, earnest money contract or sales...
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