Breaking it down, a Real Estate Purchase and Sales Agreement is an agreement between two parties to convey real estate for something of value.
In the Eastern part of Connecticut, the Real Estate Purchase and Sales Agreement is what is used to write an offer on a property. If accepted, it becomes the contract to purchase the property. Real estate agents are not attorneys so they are not allowed to write a contract, however, in a basic residential purchase, there is a boiler plate, fillable form that agents can use to agree to the terms. Basically, agents will fill in names and dates that are agreed to by the buyer and seller of a property.
Every real estate contract can be different and you should consult an attorney before signing any contract. Remember, the form the agents are filling out is often the actual contract. Our agreement is about 5 pages long and it will explain everything from the price of the purchase and types of inspections to be done all the way through what happens if there is a default or if the property is damaged.
If you are looking for more information about real estate terms or are looking to learn more about buying and selling a home in Connecticut or Rhode Island, please feel free to give us a call.