Purchase/Sale Agreement

The Purchase and Sale Agreement
This is the agreement or contract that sets out the deal where the seller sells and you, as the buyer, buys.

The agreement is usually made up by a lawyer and will include all the terms and conditions that protect both parties. The Real Estate Institutes have a standard form, which can be used, or your lawyer will have a particular layout used in these cases.

If you are using standard forms, never sign until it has passed through your lawyer for full review. The lawyer will accept, reject, or ask for amendments to be made to protect your interests. Never, ever sign an agreement for purchase and sale (or any other type of agreement for that matter) unless you pass it through a qualified and experienced lawyer who has expertise in the business area.

Some points that need to be included in a typical sale and purchase agreement are:

  1. The purchase price, including any deposits required.

  2. The full description of the parties involved, that is, both the seller and the purchaser.

  3. A full...

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