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our residential purchase and sale agreement is a document negotiated by two parties a buyer and a seller with the intent of executing a residential property transaction this agreement contains the terms and conditions of the agreement between the two parties including price financing options option to terminate specifics regarding the closing of the sale any applicable contingencies and other details that legally bind the parties together require disclosures generally a lead-based paint disclosure is required and needs to be included in the agreement if the property was built prior to 1978 a property disclosure statement may also be required in every state although if the state is considered buyer beware the seller is not legally liable for the information provided buyer beware or caveat emptor is a term used when the laws in the state do not require the seller to mention the material defects on the property therefore the buyer is purchasing the property on an as is basis the followin
