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Purchase and Sale Agreement: Something You Should Know About

The purchase and sale agreement is an important financial form. It is mainly utilized in real estate transactions or buying and selling of real properties. In this agreement, particular details regarding both the buyer and the seller are to be furnished.

Purchase and sale agreement is also known in different names like Agreement of Sale, Contract of Purchase, Sales Agreement, Contract for Purchase, Sales Contract, Purchase Contract and so on. This agreement is usually delineated as an agreement of buying and selling of real property between a purchaser and a seller in which a seller accepts to sell and a purchaser accepts to buy under particular terms and conditions.

Information Required By a Purchase and Sale Agreement

For completing a purchase and sale agreement, the following information is essential:

  • Name of the buyer and seller
  • Name of the district where the plot is going to be sold
  • Section number and name of the county
  • Address of the place
  • Name of the City
  • Name of the State
  • Zip Code
  • Lot number
  • Block number
  • Unit number
  • Name of the Subdivision

Different Sections of a Purchase and Sale Agreement

Following are the different sections of a purchase and sale agreement:

1. Total Purchase Price Payable by the Buyer as a total of the following (A-E):

A) Earnest money

B) Additional earnest money

C) Purchase money loan to Seller

D) Proceeds of a new loan to be fulfilled by the Purchaser to any lender other than the Seller

E) Unpaid balance at the time of closing (not incorporating prepaid items, closing costs of the Buyers or promotions) in locally drawn cashiers check or certified check or U.S. dollars (approximate or exact amount)

F) Total Purchase Price (approximate or exact amount)
2. Financing

A) Seller Financing

B) New Financing
3. Fees Payable By the Buyer: Intangibles Tax, Recording Fees, Funding Fees, Credit Reports, Document Preparation Fee, Loan Origination Fee, Title Insurance Policy, Loan Insurance Premium, Courier Fees, Attorney’s Fees, Appraisal Fee, Overnight Fee, Transfer Tax, Survey, Wood Destroying Organism Report, Satisfaction and Recording Fees and any other expenses related to closing. Every additional cost would have to be paid by the Buyer.

4. Prorations

5. Title Insurance

6. Survey

7. Wood Destroying Organism Report

8. Time for Closing and Title Examination

10. Property Condition

11. Personal Property

12. Attorney’s Fees and Default

13. Complete Agreement

14. Special Stipulations

Lastly, the signatures of the witnesses are necessary. The buyer has to bring two witnesses and the seller has to bring two witnesses, as well.

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