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What is Purchase and Sale Agreement

The official document received after mutual acceptance on an offer stating the final sale price and all terms of the agreement. The specific items in this contract vary by state, but will almost always include the following:

Final sale price
Earnest Money amount, deposit method, and due date
Closing date
Title company information
Title condition
Contingencies commonly included for financing, inspection, appraisal, and title
Addendums explaining any additional terms of the offer not included in the actual document
In states with escrow agents handling the closing process, the buyer’s agent is responsible for preparing this document. In areas where attorneys handle the closing, they will prepare the document. It’s signed by the buyer, seller, and their respective agents. There will usually be included addendums for inspections, financing, and the title.