The Alabama purchase agreement allows a buyer to submit an offer to a seller and, upon the seller agreeing to its terms, becomes a legally binding sales contract. The buyer will commonly include an earnest money deposit at the time of authorization between 2% to 5% of the sales price to acknowledge their good faith in fulfilling the agreement. Although not required under State law, the buyer should require the seller to complete a property disclosure statement reveal any structural defects or repairs that are needed on the property.
Buyer Beware (§ 6-9-142) – The buyer is responsible to “look for himself as to the title and soundness of all property.”
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – Per federal law, the seller is required to complete and authorize. Afterward, the seller will need to give to the lead-based disclosure to the buyer.
Birmingham Assoc. of Realtors – Adobe PDF
Montgomery Assoc. of Realtors – Adobe PDF