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A purchase and sale agreement, also abbreviated as P&S or PSA, is a standard form that buyers and sellers complete as part of a real estate transaction. It's generally drawn up by the seller's agent or a real estate attorney after a buyer and seller agree on a home's purchase price.
It is customary in New York for the sellers' attorney to prepare the first draft of the contract of sale. Most sellers' attorneys start with a standardized form and then add a rider with additional terms to be negotiated with the buyers.
The seller's agent usually prepares it (upstate, usually a real estate agent/ broker; downstate, usually the seller's attorney). If a real estate agent or broker prepares a contract, it will usually be subject to approval by the parties' attorneys within a specified short time.
Who Prepares The Purchase Contract? Most often, the buyer's real estate agent will write up and prepare the purchase agreement for a house. Note that agents (not being practicing attorneys themselves) can't create their own contracts.
How to write agreement letter between two parties? Letter title: Letter of Agreement. Names, addresses, and contact informations of both the parties involved. Date of signing of the agreement letter. Duties/services, fee and costs, timeline or term of agreement, payment terms, other terms of working and clauses.
Your offer should include: The name of the seller. The address of the property. The names of anyone who will be on the title, including yourself. The purchase price you're offering and down payment. The earnest money deposit. Any contingencies you'd like to include. Any concessions you're requesting from the seller.
A sales contract should include the type of agreement, its parties, their responsibilities, the cost of services or goods, deadlines, delivery details, termination conditions, and penalties. Different types of sales contracts will also include other information related to the type of deal.
Shortly before closing, the seller's attorney prepares the deed and other closing papers. The lender or title company prepares a closing statement, showing all the money that changes hands at the closing.