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AGREEMENT OF PURCHASE AND SALE

An agreement of purchase and sale is a legally binding document which entails all the terms and conditions of the sale and verifies that the buyer agrees to purchase the property for a certain price, so long as the terms and conditions are satisfied. 

THE FUNDAMENTALS OF PURCHASE AND SALE AGREEMENTS

Although everything is outlined in the document, it is important to seek legal counsel when signing an agreement of purchase to prevent possible fraud and overlooked information. Seeking legal counsel will prevent future complications by successfully filing a completing the agreement of purchase and sale with careful consideration of the document and great attention to every meticulous detail. The agreement of purchase and sale guidelines and regulations vary depending on the property/situation at hand; there is no universal sale and purchase agreement. Each agreement lists important conditions that the buyer must be aware of prior to signing the document. It is highly recommended to contact a reputable real estate lawyer to aid in facilitating and explaining each step of the process. 

KEEP IN MIND

You are required to sign a written sale and purchase agreement once you buy a property

Always seek legal counsel to go over your sale and purchase agreement before signing. This will ensure complete understanding of the agreement before you sign it and aid in the buying process.

A sale and purchase agreement remains conditional until all the conditions are met ( you are able to revise/negotiate a sale and purchase agreement with the seller) which is why seeking legal counsel is so emphasized.

The seller legally cannot withhold any information; they must disclose any known defects with the property. Seeking legal counsel will aid in addressing the situation if they fail to disclose this information in the agreement of purchase and sale.