The Purchase and Sale agreement, referred to as the "P&S", represents a major milestone in the purchase of a property. It requires a deposit and outlines all of the final terms of the purchase.
A big moment in the process
The Purchase and Sale is typically signed within two weeks of an accepted offer, after the home inspection, and other due diligence tasks. The document will outline all of terms, conditions, and contingencies related to the transaction. Your real estate attorney will review this agreement before you will sign it and you should take time to ask any questions that you have. This is a big step in moving forward with buying a home.
Deposit
A deposit is due when signing the P&S, traditionally 5% of the purchase price. These funds are held in an escrow account and are applied to the home's purchase price upon closing. The deposit is ultimately in place to bind the offer.
All parties must sign the P&S by the deadline. The document can be signed electronically using Dwell360's secure, traceable e-signature service.