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Reset the Form PURCHASE AND SALE AGREEMENT 1 (a) BUYER NAME(s): 2 (b) SELLER NAME(s): 3 (c) PROPERTY ADDRESS and/or DESCRIPTION: Buyer agrees to purchase and Seller agrees to sell the real property

How to fill out purchase and sale agreement

How to fill out purchase and sale agreement:

1. Begin by obtaining a blank purchase and sale agreement form. This can usually be found online or through a real estate agent.
2. Start by filling in the date of the agreement at the top of the form.
3. Enter the names and contact information of both the buyer(s) and seller(s) involved in the transaction. Include any additional information required, such as the buyer's agent or attorney.
4. Specify the property being sold by including its address, legal description, and any other pertinent details.
5. Clearly state the purchase price agreed upon by both parties. If there are any contingencies, such as a mortgage financing or home inspection, include those as well.
6. Outline the payment terms, including the initial deposit or earnest money and the balance due at closing. Specify how the funds will be transferred and the date by which the payment must be made.
7. Include any terms related to the seller's obligations, such as providing clear title to the property, completing necessary repairs, or delivering the property vacant.
8. If there are any contingencies or conditions that must be met before the sale is finalized, such as the approval of financing or the satisfactory completion of a home inspection, clearly detail them in the agreement.
9. If there are any additional agreements or addendums, attach them to the purchase and sale agreement and reference them in the main document.
10. Finally, both parties must sign and date the agreement to make it legally binding.

Who needs a purchase and sale agreement:

1. Homebuyers who are purchasing a property from a seller.
2. Sellers who are selling their property to a buyer.
3. Real estate agents and brokers who facilitate transactions between buyers and sellers.
4. Attorneys who provide legal advice and representation during the buying and selling process.
5. Financial institutions or lenders who require a valid purchase and sale agreement for mortgage or loan approvals.

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