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PURCHASE AND SALE AGREEMENT This Agreement made and entered into as of this day of August 2015, by and between Jones Gilliland Group, LLC, a Tennessee limited liability company (Seller) and Board

How to fill out purchase and sale agreement

Point by point, here's how to fill out a purchase and sale agreement:

1. Obtain the necessary forms: Begin by obtaining the purchase and sale agreement forms from a real estate agent, a legal document provider, or a lawyer. These forms are typically available online or at local office supply stores.
2. Identify the parties involved: Fill in the names and contact information of both the buyer and the seller. Include any additional parties involved in the transaction, such as agents or attorneys.
3. Define the property: Describe the property being bought or sold. Include the address, legal description, and any other relevant details. Be as specific as possible to avoid any confusion later on.
4. Specify the purchase price: Clearly state the agreed-upon purchase price for the property. Be sure to include any contingencies or conditions that may affect the final price, such as repairs or inspections.
5. Outline payment terms: Detail how the payment will be made, including the down payment amount, financing terms, and any other payment arrangements. Specify the deadline for payment and any consequences for late payments.
6. Include contingencies: List any contingencies that must be met before the sale can be completed. This may include financing, home inspections, or the sale of another property. Include any deadlines for these contingencies to avoid any delays.
7. Describe the closing process: Explain how the closing will occur, including the date, time, and location. Specify who will be responsible for paying for the closing costs and outline any additional documents or steps required for the closing.
8. Include any additional terms or special conditions: If there are any additional terms or conditions specific to the transaction, such as repairs to be completed before closing or furniture included in the sale, clearly outline them in the agreement.

Who needs a purchase and sale agreement?

A purchase and sale agreement is essential for anyone involved in a real estate transaction as it safeguards the interests of both the buyer and the seller. Buyers, sellers, and their respective agents or attorneys all need a purchase and sale agreement. This agreement helps protect the parties involved and ensures that the transaction proceeds smoothly and legally. Without a purchase and sale agreement, disputes and misunderstandings can arise, leading to potential legal issues.

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