Question: I don’t have to list the appliances in the P&S agreement because they are included on the MLS listing, sheet, right? WRONG! Only the items listed in the Purchase and Sale agreement are to be transferred as part of the sale price of the property. Anything left “unmentioned” is not included, regardless of what is found in the MLS listing sheet. Consider this: The MLS Listing sheet is merely an OFFER of what the the seller will provide to prospective buyers at that price … the final agreement must lay out the price and terms and what is/is not to be included.
And seller’s agents should be careful to read the buyer’s offer closely – items that the seller didn’t include on the listing sheet COULD be included on the P&S – as a negotiable item. For example, if the stove and refrigerator were in the MLS, but the P&S listed the stove, refrigerator, washer and dryer, the seller would be obligated to leave the washer and dryer as part of the sale if they accepted the P&S without modification. There could be several thousand dollars of appliances at stake, and they would very much affect the negotiated price.
You should also refer to paragraph 27. MERGER in the Purchase and Sale Agreement. It is CRITICALLY IMPORTANT THAT THE P&S IS PERFECT, because it is the sole agreement the parties will be bound to uphold. It reads, “The parties agree that this Agreement contains all of the terms and conditions of this transaction. It is mutually agreed that any oral or prior written representation made by either party prior to the execution of this Agreement is null and void. This Agreement shall be construed as a legal contract under seal and is binding upon the parties, and their respective heirs, successors, and assigns.”
And from our Legal Counsel, Mike Shepard: Please keep in mind that personal property beyond appliances, like furniture, lawn tractor, etc. have to go on the personal property addendum. They should NOT be included in the P&S.