Purchase Price (Sub Sections a-b):
This section of the contract details the overall purchase price as well as how this price is divided into multiple payments which equal to the overall purchase price. The full amount of the purchase price must be paid in US currency.
Section (a) is where the amount of the initial deposit is listed and the two payment options that can be used to make the initial deposit is indicated. If you will pay the initial deposit at the time that the offer is made, you must check the first box (i). However, if you choose to pay the initial deposit through an escrow agent at a time after the offer is made, you must check the second box (ii). If you choose the second option, you must also indicate the amount of days in which you will deliver the initial deposit to the escrow agent following the effective date. If a time is not chosen the default time of three days will be used. The name, address, phone, email and fax of the escrow agent must also be provided.
Section (b) applies to additional deposits that are being delivered to the escrow agent. You must indicate the amount of the additional deposit and the amount of days following the effective date that the deposit will be delivered to the escrow agent. If the amount of days is not indicated, the default time of ten days will be used.
Leave A Comment