A Purchase and Sale Agreement is the written legal contract used between a home buyer and home seller to reach agreement on all terms of a real estate purchase. The closing and title companies will execute the purchase and sale agreement instructions according to the wishes of the buyer and seller.
Common terms included in a real estate purchase and sale agreement are:
- Purchase price
- Closing date
- Earnest money deposit
- Contingencies for financing, inspections and HOA review
- Title/escrow company selection
- Seller’s agreement to provide a clear, marketable title to the buyer