The Closing Process: The Purchase and Sales Agreement
The Purchase and Sales Agreement is the final, comprehensive contract between the Seller/Developer of the real estate and the Buyer. It is a formal, legal document which is binding on all parties. It sets forth all of the terms of the agreement between the parties regarding the purchase. It includes such things as the purchase price, the date and time for Closing, what precisely is being bought and sold, any conditions which the parties must meet before the other is obligated to go through with the deal, any repairs or replacements to be made, what each parties' obligations from this point forward are, the "mortgage contingency" clause (which allows the Buyer to receive his or deposit back if a mortgage commitment cannot be obtained despite the Buyer's diligent efforts), and the condition of the affordable housing unit at the time of Closing. We strongly recommend that before each party signs a Purchase and Sales Agreement they each have it reviewed by their own competent, qualified, experienced attorney.
1170 Beacon Street Brookline MA 02446
Massachusetts Affordable Housing Attorney
Steven S. Bloom, Esq.
The Rhode Island Supreme Court licenses all attorneys in the general practice of law. The court does not license or certify any lawyer as an expert or specialist in any field of practice.
Steven Bloom, Esq., is licensed to practice in the Commonwealth of Massachusetts. Steven Bloom, Esq. is also licensed to practice in the State of Rhode Island.
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