The Purchase and Sale Agreement
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What is a purchase and sale agreement?
Once your offer has been accepted and your home inspection is complete, you'll need to draft, or have a lawyer draft a Purchase and Sale agreement. This will outline the specifics of the property transfer and will include:
- Both Parties Names
- Purchase Price
- Deposit (If any)
- Closing Date
- Conditions for closing - including any repairs, cash back at closing or other clauses
- The appliances that will remain with the home
The P&S highlights some other facets of the deal, but is primarily designed to protect both parties and their commitment to the sale. For instance, if the buyer backs out for any reason other than those set out in the Purchase and Sale, they will most likely forfeit their deposit.