Once you've found the
home you want to buy, and after the "offer-to-purchase"
is accepted by the seller, the next step is the purchase and
sale agreement (P&S). Remember - this is a legally binding
contract and it is always prudent to have a lawyer review
the document prior to your signing. This document is where
you and the seller outline the details of your property transfer.
The purchase and sale agreement usually consists of the following
pages:
Buyer and Seller
Property Description
Purchase Price
Deposit Amount
Date of Closing
Parties' Responsibilities
Finance Contingencies
Inspection addendum
Conditions/disclosure
addendum
Contingency addendum-when
appropriate
Addendum outlining
special conditions
Lead-based paint notification-when
appropriate
Adjustments
Brokers Fees
Additional
Provisions
In some cases, the following
forms will also be a part of your agreement:
Agency disclosure
Property disclosure
form completed by the property seller
