All About Purchase Agreements

The purchase agreement is a legal arrangement between a potential buyer and the property’s owner or seller. To streamline the process, it is best to keep records of everything and to stick to a pre-determined schedule.canstockphoto434622small


An unbiased third party such as a title company or an attorney will be selected to act as the closing agent. The unbiased agent holds all funds in escrow and researches the complete record history of the property. This ensures that the title in question is free and clear of restrictions.


Once the seller accepts your offer you will need a licensed property inspector to check the property for issues including the roof, structure, HVAC, plumbing, electrical and more. One of two things can happen depending on the outcome of the inspections. If each step in the process is successfully met, you move to closing or after review request for renegotiation of terms and price can be made.


After the inspections are met and you move closer to closing, your lender will require an appraisal to help determine the amount you can borrow to purchase your home. Appraisers are specialized in determining the value of properties based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income and more.

After the appraisal is completed successfully completed you can close.


Finally, the closing agent will furnish all parties with a settlement statement that summarizes the details of the purchase agreement. All parties including the closing agent will read and sign the documents and this completes the process.

After closing is complete you will need to get all home services installed and utilities turned on or switched over to your name. Now you are all set to move in to your new home!

Is Utah the Best Place to Live?

Small slcHave you heard? Utah is one of the happiest places to live. A recent study released by the U.S. National Bureau of Economic Research studied which states are the happiest and Provo made the list as one of the happiest metropolitan areas. Find out what other states made the list.

According to Forbes, Utah is #8 for the best places for business and careers. As of April 2015, the NCSL ranked Utah’s unemployment rate at 3.4% (one of the lowest in the country).

Some fun facts about Utah:

  • Per Webster’s, although “Utahans” is the grammatically correct way to pronounce a Utah resident, most people from Utah refer (stubbornly) to themselves as “Utahns.”
  • Lagoon is the oldest amusement park in the American West, and its original white roller coaster (named “Old Woodie”) is the 3rd oldest in the country.
  • Salt Lake City is the nation’s leading manufacturer of rubber chickens.