Property Sale Agreement

A Property Sale Agreement is a legally binding contract that governs the sale and transfer of real estate from seller to buyer. It details the purchase price, financing terms, contingencies (such as inspection, appraisal, and financing), earnest money deposit, closing date, and prorations of taxes and fees. The agreement specifies what personal property is included with the sale, seller disclosures, title requirements, and default remedies. It typically includes representations and warranties from both parties and outlines the conditions that must be satisfied before closing can occur. This comprehensive document protects both parties' interests and provides a clear roadmap for completing the transaction. The agreement is often drafted by a real estate attorney or using state-specific forms that comply with local real estate laws.