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Sale / Purchase / Rent
What is a Sale and Purchase Agreement?
The Sale and Purchase Agreement is a legal document which establishes the terms and conditions regarding a property transaction. Before the transaction can occur, the buyer and the seller negotiate the price of the property to be sold and the conditions for the transaction. The SPA is a framework for the negotiation process.
By signing the contract, you do not agree to buy or sell the house. Instead, you are determining how to handle:
- Inspections and negotiations
- Financing and loan documents
- Closing and associated costs.
This document is critical since it serves as the basis for the property’s sale and can also demonstrate the seriousness and willingness of both parties by signing it since there are typically cancellation penalties.