Updated on June 21st, 2023
The Alabama purchase agreement allows a buyer to submit an offer to a seller. If the seller agrees to its terms, it becomes a legally-binding sales contract. Buyers typically offer an earnest money deposit between 2% to 5% of the sales price to indicate good faith in fulfilling the agreement.
Buyer Beware (§ 6-9-142) – It is the buyer’s responsibility to “look for himself as to the title and soundness of all property.” A buyer may choose to require the seller to complete a property disclosure statement attesting to structural defects or repairs needed.
Birmingham Assoc. of Realtors – PDF
Montgomery Assoc. of Realtors – PDF