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hi and welcome to real estate faq with russ bread chulas from keller williams realty and a real estate with russ calm today were talking about purchase and sale agreements and what exactly is a purchase and sale agreement well the easy and quick answer is its the contract that is used to convey real property it obligates the buyer to buy and the seller to sell a particular piece of real estate but it also has a lot more information in it than just that it will have information about the deposits where the deposits go how much they are and all of the information about earnest money it will discuss contingencies for inspection contingency or a financing contingency and also any other conditions of the sale maybe something like the seller if the sale is subject to the seller finding suitable housing any terms and conditions of the sale are going to be included in the purchase and sale agreement and lastly timelines will be there as well as far as when deposits or do when the contingenc