Purchase Agreement Schedule B

When it comes to the legalities of purchasing a property, there are several important documents that you need to understand. One of these documents is the Purchase Agreement Schedule B.

Schedule B is an attachment to the purchase agreement that lists all the important details of the property. The purpose of this schedule is to provide a complete description of the property`s legal status, including any encumbrances or defects.

Here are some essential things you need to know about Purchase Agreement Schedule B:

1. What is Schedule B?

Schedule B is a document that is attached to the purchase agreement. It contains a detailed description of the property and outlines any encumbrances or defects that may affect the property`s title.

2. What does it include?

Schedule B may include things like liens, easements, mortgages, unpaid taxes, or any other legal claims against the property. It may also include information about any physical defects or environmental hazards associated with the property.

3. How does it affect the purchase agreement?

The information contained in Schedule B can have a significant impact on the purchase agreement. It is essential to review the document carefully to ensure that you understand the property`s legal status and any potential risks associated with it.

4. Who prepares Schedule B?

Schedule B is typically prepared by the seller`s attorney or title company. It is important to work with a qualified and experienced attorney to review the document and ensure that it is accurate and complete.

5. What should you do if you discover issues with Schedule B?

If you discover any issues with Schedule B, you should raise them with your attorney and negotiate with the seller to resolve them before you sign the purchase agreement. If the issues cannot be resolved, it may be best to walk away from the transaction.

In conclusion, Schedule B is an essential document in any property purchase agreement. It provides a complete description of the property`s legal status and any potential encumbrances or defects that may affect its title. As a buyer, it is crucial to review Schedule B carefully and work with a qualified attorney to ensure that you understand the document`s implications fully.