Purchase and Sale Agreement

A document that details the price and conditions for a transactionApplies to any business dealing. In real estate, it is an instance of exchanging ownership of a property. . In connection with the sale of a residential property, the agreement typically would include information about the property to be sold, sale price, down paymentA portion of the price of a home, usually between 3-20%, not borrowed and paid up-front in cash. Some loans are offered with zero down-payment., earnest money depositThe deposit held in an escrow account to show that you’re committed to buying the home. The deposit usually will not be refunded to you after the seller accepts your offer unless one of the sales contract contingencies is not fulfilled. , financing, closing dateThe date on which the sale of a property is to be finalized and a loan transaction completed. Often, a real estate sales professional coordinates the setting of this date with the buyer, the seller, the closing agent, and the lender., occupancy date, length of time the offerA formal bid from the home buyer to the home seller to purchase a home. is valid, and any special contingencies.