Purchase and Sale Agreements: Residential or Commercial

The initial contract between a buyer and seller of real estate is the Purchase and Sales Agreement.  It specifies the terms both sides have agreed to after they have negotiated and come to a meeting of the minds.  It contains the sales price, down payment, time to seek and obtain financing, estimated date of completion of sale, and any contingencies foreseen.  The agreement is usually legally binding when all parties have signed.