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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

 
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