Real Estate Glossary

The following are some common real estate terms you may run across during the process of buying or selling your home.

Purchase and Sale Agreement

A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold. The Purchase and Sale Agreement is a written contract that is signed by the buyer and seller. It states the terms and conditions under which a property will be sold. It includes:

  • Description of property
  • Price offered
  • Down payment
  • Earnest money deposit
  • Financing
  • Personal items to be included
  • Closing date
  • Occupancy date
  • Length of time the offer is valid
  • Special contingencies
  • Inspection
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