Who Does the Purchase and Sale Agreement

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When it comes to buying or selling a property, there are many legal documents that need to be completed and signed. One of the most important documents is the Purchase and Sale Agreement (PSA). This document outlines the terms and conditions of the sale, including the purchase price, closing date, and any contingencies that need to be met before the sale can be finalized.

But who is responsible for drafting the PSA? Is it the buyer, the seller, or both?

In most cases, the seller or their real estate agent will prepare the initial draft of the PSA. This is because the seller has the most knowledge of the property and the terms of the sale. Additionally, the seller may have already consulted with their attorney or real estate agent to ensure that the PSA is legally sound.

However, the buyer should also have the PSA reviewed by their own attorney or real estate agent before signing. This is to ensure that the PSA protects the buyer`s interests and that they fully understand the terms of the sale.

If any changes need to be made to the PSA, both the buyer and seller will need to agree to the changes before the document can be finalized. This may involve negotiating certain terms, such as the purchase price or contingencies, until both parties are satisfied with the terms.

Once the PSA is finalized and signed by both parties, it becomes a legally binding contract. This means that both the buyer and seller are obligated to fulfill the terms outlined in the document, or they could face legal consequences.

In summary, the seller or their real estate agent is typically responsible for drafting the Purchase and Sale Agreement. However, the buyer should have the PSA reviewed by their own attorney or agent before signing to ensure that it protects their interests. Ultimately, both parties must agree to the terms of the PSA in order for the sale to be finalized.