Who needs a Purchase and Sale Agreement?
Buyers and sellers of private property should complete and sign this Purchase and Sales Agreement in order to legally consolidate the terms of the transaction.
What is a Purchase and Sale Agreement for?
This agreement establishes the value of the property, transaction completion time, mutual obligations of the parties under the contract and a method of final payment. This agreement sets the time and type of inspections that the buyer will hold before the purchase. Also, this agreement specifies all properties that relate to the sold object.
Is a Purchase and Sale Agreement accompanied by other forms?
The following documents can be reviewed by the buyer under the Purchase and Sales Agreement:
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Casualty Insurance
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Co-Op / PUD / Association documents
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Condominium documentation
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Easement of Record / Deed
When is the Purchase and Sale Agreement due?
The time of completion of the transaction under the contract is established in a separate line of the contract. For each party to the contract, a specific time to perform the terms of this agreement is provided. In each case, this specific time is different and will be detailed in the agreement as well.
How do I fill out Purchase and Sale Agreement?
Each item of the agreement is self-explanatory. Given that the signing of the agreement is usually preceded by the work of the broker, there should be no difficulty in understanding the agreement.
Agreement should be reached on the following items before both parties sign the document:
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Purchase Price;
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Earnest Money;
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Closing, Expiration, and Possession Date for the Property;
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Items Excluded or Included;
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Special Stipulations;
At the conclusion of the agreement, the document must be signed by both parties.
Where do I send Purchase and Sale Agreement?
The contract should be signed in duplicate and copies should be kept by both parties. An additional copy may be sent to the broker.