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The PSA includes details like earnest money needed, the closing date and specific contingencies the buyer and seller have agreed to. The PSA is where the seller and buyer agree on the terms for purchasing the home and sets the transaction in motion toward the closing.
At minimum, the agreement should identify the parties, identify the property, state that the buyer is agreeing to buy this property and that the seller is agreeing to sell it, state the price or the manner in which the price will be calculated, and contain the signatures of the buyer and the seller.
You need a bill of sale if you're transferring ownership of a boat, car, or horse in Wyoming. A bill of sale provides legal protection whenever you buy or sell high-value items.
The Five Elements of a Contract Offer. Acceptance. Consideration. Capacity. Lawful Purpose.
As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.