Purchase and Sale Agreement 1

Thepurchaseand sale agreement is an essential financial form required for real estate transactions. This contract is made between the seller and buyer and/or his assignees.

In this particular agreement, the buyer agrees to buy and the seller agrees to sell a specific real estate along with furniture and improvements.

Information Needed to Be Furnished in a Purchase and Sale Agreement

The following details are required to be furnished in a purchase and sale agreement:

• Name of the buyer
• Name of the seller
• Social Security Number of the seller
• Address of the real property
• Legal description of the property
• Name of the county where the property is located
• Mode of payment for the purchase price: Earnest money, existing loans and liens, cash to seller at the time of closing, new loan to seller at the time of closing
• The balance due seller
• Impounds, prorations and security deposits: Property taxes, loan interest, rents and insurance have to be prorated on the date of closing. All security deposits have to be switched to the buyer at the time of closing. All impound accounts for insurance and taxes are incorporated in the purchase price and have to be switched to the buyer at closing. Deficiency in these accounts has to be charged to the seller at the time of closing.
• Condition of house and domestic devices
• Transfer of title and closing date
• Damage to property
• Defaults
• Assignees and successors
• Access advertising and maintenance performed by buyers
• Additional terms and conditions
• Signature of the seller
• Signature of the buyer

The buyer and seller need to go through all the details, comprehend them and check whether they are accurate or not.