CRITICAL ASPECTS OF THE P&S AND WHY YOU NEED AN ATTORNEY

Once the Buyer’s Offer to Purchase has been accepted by the Seller of a home or condominium, a Purchase and Sale Agreement (“P&S”) is negotiated and drafted by the attorneys for the Buyer and Seller. The P&S is an incredibly technical, detailed and complex document that must be tailored for each real estate transaction. It spells out the final agreement between the parties and generally supersedes the Offer to Purchase and any prior agreements between the parties. Like all real estate contracts, the P&S must be in writing and adhere to specific statutory requirements to be valid and enforceable. The P&S is not merely a formality and any mistakes can cost either the Buyer or Seller thousands of dollars, result in the loss of the house or condominium immediately or in the future, or result in years of litigation. It is therefore critical for both parties to hire a competent real estate attorney to assist with the preparation and review of this document.