When entering a real estate transaction, it is common for a buyer and seller to execute a purchase and sale agreement. Sometimes called a P&S Agreement or a PSA for short, this legally binding agreement establishes the terms and conditions of the real estate purchase.
A real estate lawyer typically drafts purchase and sale agreements. They contain essential information like requirements that must be met by the buyer and the purchase price of the property. If you need a purchase and sale contract for a New York real estate transaction, contact Moshes Law, P.C. for a free consultation with an experienced real estate attorney.
A purchase and sale agreement is a contract that details the responsibilities of the buyer and seller during a real estate transaction. The purchase and sale document is often confused with a purchase agreement; however, unlike a purchase agreement that is the actual contract for the sale of the property, the purchase and sale agreement outlines how the transaction will be carried out.
Some terms and conditions of a real estate purchase that may be addressed in a contract for the sale and purchase of real estate include:
While a purchase and sale agreement isn’t the agreement to purchase a property, it is an important document that shows the willingness of the buyer and seller to enter the transaction. If you have questions about how a purchase and sale agreement works, it is important to seek legal advice from a knowledgeable real estate attorney.
A purchase and sale agreement establishes the terms and conditions for a real estate transaction and will require certain necessary elements. It is common to find the following information in a standard P&S agreement.
A purchase and sale agreement may also need to include local or state provisions. If you are considering executing a purchase and sale document in New York, it is best to consult with a local real estate lawyer familiar with local and state laws.
Moshes Law, P.C. has experienced real estate lawyers familiar with drafting purchase and sale documents in New York. Contact Moshes Law, P.C. today for a free consultation. You want to be sure that your P&S agreement is legally binding and covers all necessary elements.
It isn’t uncommon for a residential real estate purchase to take several weeks to finalize. After the purchase and sale contract is signed, the buyer and seller will need to complete several tasks before finalizing the property sale.
After the purchase and sale document is signed, the following events typically occur:
Purchasing a property is a big decision and involves several steps and tasks that must be completed. A comprehensive purchase and sale contract can help ensure that the process runs smoothly.
Templates and samples of P&S agreements can be found online. Even though it is possible to use a template, it is wise to have an experienced real estate lawyer look over the contract before executing it. Only a knowledgeable attorney can provide credible legal advice and ensure that the contract for the sale and purchase of real estate is legally binding and contains all necessary elements.
If you are entering a real estate transaction, you will need a purchase and sale contract. Don’t leave the drafting of this essential document to just anyone. Contact a knowledgeable real estate attorney who has experience with P&S agreements in New York.
The real estate lawyers at Moshes Law, P.C. are experienced with New York real estate law and drafting purchase and sale documents. They know that purchasing residential real estate is one of the most significant decisions you may make in your life and are here to help. Call today for a free consultation.