![\"Certificate](\"http:\/\/i255.photobucket.com\/albums\/hh138\/beatlo\/realtor%20real%20estate\/CertificateinRealEstateStudies_zps80b96147.jpg\")
Last week we presented our latest webinar which spoke about importance of the promissory contract. One of the aspects of the agreement that we touched on were the clauses that are put in to help protect you as a buyer, so I\u00c2\u00b4m going to\u00c2\u00a0focus on that today to understand them a bit better . But first,\u00c2\u00a0let\u00c2\u00b4s recap what this contract is all about.<\/p>\n
After\u00c2\u00a0making an offer for a property and having it accepted you move to a second phase in the process when\u00c2\u00a0a promissary purchase and sale agreement is executed<\/a>\u00c2\u00a0among the two parties.The purchase and sale agreement is\u00c2\u00a0the foundation of your transaction and it contains the most important elements. These include:<\/p>\n -who the buyer and the seller is<\/p>\n -the terms and conditions of the\u00c2\u00a0purchase price<\/p>\n -a description of the property<\/p>\n -list of the furniture, items included within the property<\/p>\n Your\u00c2\u00a0purchase and sell agreement will have\u00c2\u00a0certain clauses <\/strong>in it\u00c2\u00a0<\/strong>that\u00c2\u00a0<\/strong>are\u00c2\u00a0obligations that both parties will assume in the real estate transaction. The most important one is the buyers because the most important obligation of the buyer is to pay. And the most important obligation of the seller is to provide you with the property based on the characteristics that was agreed in the purchase and sell agreement.<\/p>\n Here is a short list of the types of clauses you will likely find in your promissory agreement:<\/p>\n -A date for\u00c2\u00a0when the physical possession will be delivered.<\/p>\n