Selling or Purchasing Real Estate: The Basics of the Purchase and Sale Agreement

January 26, 2012

Gary F. Bevliacqua, Esq.

The Purchase and Sale Agreement (the agreement) is the very backbone of all real estate transactions. Once the agreement is signed, both parties, buyers and sellers, breathe a little easier because the pending transaction is now formalized and the process is in motion.

The Purchase and Sale Agreement typically contains the parties’ rights and obligations with regards to:

  • The approximate closing date.
  • What personal property is or is not included in the transaction.
  • The purchase price.
  • The amount of the buyer’s deposit and where it will be held – usually in escrow by the realtor or by the seller’s attorney in instances where no realtors are involved.
  • The amount of mortgage financing that the buyer needs to purchase the house and the deadline date for obtaining the mortgage commitment.
  • Inspections that the buyer wants to make, such as a structural/mechanical inspection and other inspections for...

You may read more at the link below.

by: Gary F. Bevilacqua

Westfield Evening News
January 2012

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