Purchase and Sale Agreement

A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

The Purchase and Sale Agreement is a written contract that is signed by the buyer and seller. It states the terms and conditions under which a property will be sold. It includes:

-- description of property,
-- price offered,
-- down payment,
-- earnest money deposit,
-- financing,
-- personal items to be included,
-- closing date,
-- occupancy date,
-- length of time the offer is valid,
-- special contingencies, and
-- inspection.

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