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A purchase and sale agreement (PSA), also called a sales and purchase agreement (SPA) [1] or an agreement for purchase and sale (APS), [2] is an agreement between a buyer and a seller of real estate property, company stock, or other assets.
The date of the closing is normally also the date when possession of the real estate is transferred from the seller(s) to the buyer(s). However, the real estate contract can specify a different date when possession changes hands. Transfer of possession of a house, condominium, or building is usually accomplished by handing over the key(s) to it.
A buyer who has entered into a contract with a seller who wants to back out should consult a real estate attorney. If the buyer wants to take the case to court, they may have grounds to sue the ...
An initial down payment from the buyer to the seller is usually also required. The legal status of land contracts varies between jurisdictions. [vague] Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more ...
Key takeaways. In a dual agency situation, the same real estate agent represents both the buyer and the seller of a home. This arrangement can be risky for buyers, since agents are paid based on ...
Key takeaways. Closing costs are the associated fees and expenses that are paid when a real estate transaction closes. Both buyers and sellers incur some form of closing costs, but many items can ...
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