Introduction

When it comes to buying or selling a property, there are several legal documents that need to be signed. One such document is the PSA or the Purchase and Sale Agreement. A PSA is a legally binding contract between the buyer and seller that outlines the terms and conditions of the sale.

What Is A PSA?

A PSA is a legal document that outlines the terms and conditions of a real estate transaction. It is a binding contract between the buyer and seller that sets out the details of the sale, including the purchase price, closing date, and any contingencies that need to be met before the sale can be completed.

What Does A PSA Include?

• Purchase price
• Closing date
• Contingencies
• Property description
• Inspection details
• Terms of payment
• Details of financing
• Disclosure requirements

A PSA is a legally binding document, and both parties are required to adhere to its terms and conditions. It is important to have a real estate lawyer review the PSA before signing to ensure that all the terms are fair and reasonable.

FAQs

Is A PSA Required?

No, a PSA is not required, but it is highly recommended. A PSA protects both the buyer and seller by outlining the terms and conditions of the sale.

Can The Terms Of A PSA Be Negotiated?

Yes, the terms of a PSA can be negotiated. Both parties can agree on the terms and conditions of the sale before signing the document.

What Happens If One Party Fails To Adhere To The Terms Of The PSA?

If one party fails to adhere to the terms of the PSA, the other party can take legal action to enforce the contract.

Can A PSA Be Amended?

Yes, a PSA can be amended if both parties agree to the changes. The amendments must be in writing and signed by both parties.

When Is A PSA Signed?

A PSA is signed after both parties have agreed on the terms and conditions of the sale. It is usually signed after an offer has been made and accepted.