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The
Purchase & Sale (P&S) is a detailed
contract about the terms of the sale. The
deadline is typically around two weeks after
the accepted offer.
The
P&S typically drawn up by the seller's
attorney and presented to the buyer's attorney.
It is important that the attorneys are in
communication early in the process, because
terms of the sale may need to be negotiated.
Buyers need to share the results of the home
inspection with their attorney. The deadline
of the P&S is very important. If an extension
is necessary, the a formal extension should
be requested in writing.
Once the terms of the P&S are agreed upon,
the buyer(s) sign the P&S. There are usually
four originals for the signing. The signing
is not a formal event, and the brokers usually
coordinate the process. The buyer(s) are usually
the first to sign. The buyer(s) also need
to give the additional deposit to the broker.
The seller(s) sign next. Two of the originals
go back to the buyer's side and two go back
to the seller's side. Once all parties have
signed, the P&S is considered fully executed. |
