Are you buying or selling property? If the answer is yes than some basic knowledge in understanding the significance of the Purchase and Sale Agreement is beneficial. This Agreement is the formal written document prepared following the acceptance of an offer on a property.
The Purchase and Sale Agreement is one of the first and most important documents you will sign. It is a binding contract obligating the Buyer to purchase and the Seller to sell the identified property providing all terms of the Agreement are fulfilled.
The Purchase and Sale Agreement may vary from state to state but all will contain basic information such as the address of the property, the purchase price, the names of the buyer and seller, the terms of the sale, as well as any closing adjustments and other preconditions to the transfer of the property. However it is not uncommon to have language included that may be detrimental to at least one party involved in the transaction. Since this is a legal, binding document it is recommended that you have an attorney review the Purchase and Sale Agreement before you sign it. It is often too late to make any desired changes to a poorly composed contract after it is signed and protecting your best interests may be gone.
Some attorneys may offer this as a complimentary service when you close your transaction with their office or may charge a small fee to do it independently.
Be prepared to seek out an attorney knowledgeable and experienced in the area of real estate law who can advise you on language that can be included or modified in your Agreement – prior to signing – to better protect your interests.
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James J Caruolo Law Offices 33 College Hill Road Warwick, RI 02886 (401) 828-7100
