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PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS This Purchase and Sale Agreement and Escrow Instructions (Agreement) is entered into as of this day of, 2010 (Effective Date), between St. James

How to fill out purchase and sale agreement

How to fill out a purchase and sale agreement:

1. Begin by obtaining a blank purchase and sale agreement form. These forms can typically be found online or at office supply stores.
2. Start by entering the date at the top of the agreement. This is important for record-keeping purposes.
3. Include the names and contact information of both the buyer and the seller. Make sure to include full legal names and accurate contact information.
4. Describe the property being sold in detail. Include the address, legal description, and any relevant information about the property's condition or features.
5. Specify the purchase price agreed upon by the buyer and the seller. This should be stated in both numeric and written form to avoid any confusion.
6. Outline the terms of payment. Specify if the payment will be made in cash, check, or through financing. Include any agreed-upon deadlines for payment.
7. Include any contingencies or conditions that need to be met before the sale is finalized. This may include inspections, repairs, or obtaining financing.
8. Specify the closing date, which is the date when the transaction will be completed. This is typically when the buyer takes possession of the property and the payment is exchanged.
9. Include any additional terms or agreements that have been reached between the buyer and the seller. This may include agreements on repairs, appliances, or other items included in the sale.
10. Both the buyer and the seller should carefully review the agreement before signing. It may be beneficial to consult with a real estate attorney to ensure all legal requirements are met.

Who needs a purchase and sale agreement:

1. Anyone buying or selling a property, whether it's residential or commercial, may need a purchase and sale agreement. This includes individuals, real estate investors, and businesses.
2. Real estate agents and brokers also commonly use purchase and sale agreements when facilitating property transactions.
3. Lenders and mortgage companies may require a purchase and sale agreement as part of the loan approval process.

In conclusion, the process of filling out a purchase and sale agreement involves accurately documenting the details of the property sale, including buyer and seller information, purchase price, payment terms, contingencies, and closing date. This legal document is essential for both buyers and sellers, as well as other parties involved in the transaction.

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