Purchase and Sale Best Practices

Please remember when completing the Purchase and Sale agreement, you are creating a legally binding document that should be (1) completed in full – no blanks! (2) contain accurate information from the listing data provided by the seller’s representative – this should match the MLS or representations made by the agent (3) with a very careful eye on this legal address, book, page, property characteristics and (4) achievable dates – no weekends or holidays please for the contingency dates or closing date.  Completing the Purchase and Sale Agreement accurately and thoroughly is of utmost importance. This legal document serves as the foundation for a successful property transaction and protects the interests of all parties involved, including buyers, sellers, and real estate agents. It’s about professionalism, legal compliance, and serving your clients’ best interests. It contributes to a smoother transaction process, minimizes risks, and helps maintain your credibility as a knowledgeable and capable real estate agent. This is the part of a transaction where want to take your time, ensure accuracy and dot your i’s and cross your t’s!  Other tips from recent questions:

If appliances are to be included, they should be named in the P&S. The listing in the MLS is an offer – the P&S is the actual agreement by both parties as far as what stays and what must be removed by walk-thru.

If the earnest money is said to be delivered with the document, that binds the agreement.   If the earnest money is to be delivered by a specific date, you must do so to maintain that contract.  Lacking that deposit exactly as specified in the agreement is a recipe for legal battles.  Both agents need to keep an eye on this date to ensure the parties are adequately informed and represented.

If you are not sure about an item, reach out to the other agent, legal counsel or the lender before the agreement is executed. It is far easier to start with a proper agreement than make adjustments down the road.

Finally, no blanks! If something is not applicable, there are places to indicated as such. But please don’t leave sections blank.