Purchase & Sale Contract
The Purchase and Sale Contract, often spoken of as the P&S, is
the definitive document setting the terms for your purchase of your
new home. The Offer to Purchase that you and the seller signed
states that both parties will sign the P&S contract and stipulates
the date by which it must be signed by both parties.
The P&S is
typically 4-5 pages and sometimes has addenda which are added by
either/both the buyer's and seller's attorneys. This document covers
in great detail all the terms governing the contract inclusive of
all the dates that must be met.
Typically, the seller generates the draft of the P&S to be
reviewed by the buyer, and then it is signed after any mutually
acceptable modification are made of its terms. The buyer signs first
and forwards the originals (usually 5-6 copies) with their check for
the remaining amount of the agreed upon earnest money to the seller
for their signature. The seller then returns the executed copies to
the buyer, their agent and their attorney.
As this is a complex document, it is good practice to have an
attorney review it before signing it. Copyright©
2006 - Chris Kellogg
All Rights
Reserved
Last Modified
05/16/2007 |
