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.
Required Disclosures
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.
Realtor Versions
Birmingham Assoc. of Realtors – Adobe PDF
Montgomery Assoc. of Realtors – Adobe PDF