Purchase & Sale Contract
The Purchase and Sale contract (P&S) is the legal documentation of all of the terms of the Real Estate transaction. If it’s not in the P&S, it’s not part of the deal. Make sure you read and understand this document before you sign it. If you’re uncomfortable or feel that you need legal assistance, you always have the option to have an attorney look it over and represent you in the contract phase and/or at the closing. This will be an additional and separate cost for you, but it may be worth the peace of mind.The P&S is executed with original signatures in multiple parts (usually four or five copies) so that each party to the transaction (including Real Estate brokers, bank, and attorneys) will end up with an original signed document. In most cases, you will sign first and tender any additional deposit money, then the seller will sign and return the fully executed document to you.