Purchase and Sale Agreement

A purchase and sale agreement is a legally binding contract between a buyer and a seller outlining the terms of a property transaction. This document specifies the conditions both parties agree to, such as the purchase price, closing date, and any contingencies that must be met before the deal can be finalized. The agreement serves as a roadmap for the transaction, ensuring both parties understand their responsibilities and the steps required to complete the sale of the property. It’s essential in guiding the process from agreement to ownership transfer, providing security and clarity to both the buyer and seller.