What's in the purchase and sale agreement?
Posted by Steve Harmer on
Most purchase and sale agreements come in standard formats, with standard clauses, and are drafted by the builder or real estate board. There are generally spaces throughout the agreement for additional, customized clauses to be added.
It is recommended to have a lawyer review your offer to purchase before you sign it. Regrettably, relatively few people do this, because they either don’t realize they should, perceive it to be an unnecessary or costly legal expense, or could cause delay that could cause a purchase to be lost to someone else, or otherwise kill the deal.
Alternatively, rather than seeing a lawyer before submitting an offer to purchase, some people may wish to insert a condition that states the offer is subject to approval as to form…
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