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Purchase and Sale Agreement - The Realty Association 2025

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The document is a legally binding contract for the sale and purchase of real estate specifically for VA transactions. It outlines the terms and conditions between the seller and purchaser, including details on earnest money deposits, property description, purchase price, financing contingencies, conveyance of title, property condition inspections, and responsibilities regarding repairs and closing costs. The contract emphasizes the importance of obtaining financing through the Veterans Administration and includes provisions for breach of contract by either party.

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What is the agreement for purchase and sale of real property?

A real estate purchase agreement is a written document outlining the terms and conditions of a property sale. A well-crafted agreement can limit future challenges and legal issues like property line disputes or valuation discrepancies.

What happens after a purchase and sale agreement is signed?

Once the purchase agreement is signed, the home is officially under contract. Before you can officially move out of your old house, there are a few more steps you need to take, which include making an earnest money deposit, scheduling a home inspection, and eventually, closing on your new house.

What is a purchase and sale agreement in real estate?

A purchase and sale agreement, or PSA, is a document that is written up and signed after a buyer and seller mutually agree on the price and terms of a real estate transaction.

Who prepares the purchase and sale agreement?

In most real estate transactions, the sellers agent is responsible for drafting the purchase agreement. The cost for this service is usually included in the sellers commission fee, which is paid at closing. However, in a For Sale By Owner (FSBO) scenario, the buyers agent often steps in to prepare the agreement.

Who prepares the PS in Massachusetts?

After you have an accepted offer A purchase sale agreement (PS) is a legal document prepared and agreed to by attorneys representing both the buyer and seller in the home purchase transaction.

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What is the difference between a purchase agreement and a purchase and sale agreement?

While they sound similar (and are sometimes used interchangeably), a PSA is different from a purchase agreement. A PSA outlines the terms of a real estate transaction, including the closing date, among other details. Signing a PSA doesnt complete the sale of a home, but signing a purchase agreement does.

Purchase and Sale Agreement - The Realty Association 2025

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What is the agreement for purchase and sale of real property?

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What is the difference between a purchase agreement and a purchase and sale agreement?

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