Definition
This is the main legal contract between you and the seller outlining purchase price, contingencies, closing date, and all critical transaction details. It's binding and difficult to back out of.
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Find my pathAbout this term
The purchase and sale agreement (PSA) is the foundation of any real estate transaction. It serves as a comprehensive document that protects both parties by clearly stating their obligations, rights, and responsibilities. This agreement typically includes property description, financial terms, contingency conditions, and timelines for completion of the transaction.
Pro Tip
Read the entire PSA carefully before signing. It's legally binding.
Example
After negotiation, the buyer and seller signed the purchase and sale agreement with a closing date of 30 days and a price of $450,000.