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PURCHASE AND SALE CONTRACT AND JOINT ESCROW INSTRUCTIONS SELLER: San tee School District BUYER: PROPERTY: APN 38311205 and 28 DATED: May 20, 2014, DEFINED TERMS Effective Date: May 20, 2014, Seller:

How to fill out purchase and sale contract

How to fill out a purchase and sale contract:

1. Gather the necessary information: Before you start filling out the contract, make sure you have all the relevant details such as the names of the buyer and seller, the property address, purchase price, and any contingencies or special provisions.
2. Start with the introductory section: Begin by stating that it is a purchase and sale agreement and include the date of the contract. Also, mention the names and addresses of both parties involved in the transaction.
3. Describe the property: Provide a detailed description of the property being sold, including its address, legal description, and any other relevant information that would accurately identify it.
4. Specify the purchase price and payment terms: Clearly state the agreed-upon purchase price and the method of payment. Include any specifics regarding down payment, financing arrangements, or any other financial terms.
5. Outline contingencies and special provisions: If there are any special conditions or contingencies attached to the purchase, such as financing contingences or required inspections, include them in this section. Specify the timelines and procedures for meeting these contingencies.
6. Disclose any defects or known issues: Both the buyer and seller should disclose any known defects or issues with the property. This helps avoid disputes in the future and promotes transparency.
7. Determine responsibilities for closing costs: Address who will be responsible for various closing costs, such as title insurance, recording fees, or transfer taxes. Clearly state who will pay for what to avoid confusion later on.
8. Mention property possession and closing date: Specify the date when the transaction will close, at which point ownership and possession of the property will transfer to the buyer. Be sure to account for any required inspection periods or other delays that may affect the closing date.
9. Include signatures and notarization: The contract should be signed by both the buyer and seller. In some cases, notarization may be required to validate the contract's authenticity.

Who needs a purchase and sale contract?

1. Buyers: Prospective buyers of real estate properties typically need a purchase and sale contract. By having a formal contract in place, buyers can protect their interests, outline the terms of the purchase, and ensure a smooth and legally-binding transaction.
2. Sellers: Sellers also need a purchase and sale contract to safeguard their rights and interests. It helps in clearly defining the terms of the sale, including the purchase price, any contingencies, and responsibilities for closing costs.
3. Real Estate Agents: Real estate agents represent both buyers and sellers in property transactions and play a crucial role in facilitating the sale. They often prepare the purchase and sale contract and ensure all the essential terms and conditions are included.
4. Attorneys: In some cases, buyers or sellers may prefer to have an attorney review the purchase and sale contract to ensure their legal rights are protected. Attorneys can provide advice, draft or modify the contract, and handle negotiations if necessary.

For pdfFiller’s FAQs

What is purchase and sale contract?

A purchase and sale contract is a legally binding agreement between a buyer and a seller outlining the terms and conditions for the sale of a property or goods.

Who is required to file purchase and sale contract?

The buyer and seller are both required to file the purchase and sale contract.

How to fill out purchase and sale contract?

To fill out a purchase and sale contract, both parties must agree on the terms of the sale and sign the document.

What is the purpose of purchase and sale contract?

The purpose of a purchase and sale contract is to ensure that both parties understand and agree to the terms of the sale.

What information must be reported on purchase and sale contract?

The purchase and sale contract must include information about the parties involved, the property or goods being sold, the purchase price, and any conditions of the sale.

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