When it comes to buying or selling a property, one of the most important documents in the process is the purchase and sale agreement. This legal document outlines the terms and conditions of the transaction and serves as a binding contract between the buyer and seller. But who is responsible for creating this crucial document?
In most cases, the purchase and sale agreement is created by the seller`s attorney or the seller`s real estate agent. The seller`s attorney will typically draft the agreement based on the terms and conditions negotiated between the buyer and seller. Alternatively, the seller`s real estate agent may use a pre-written contract template to create the agreement.
Once the purchase and sale agreement is drafted, it is typically reviewed by the buyer`s attorney before it is signed. The buyer`s attorney will ensure that the agreement is fair and reasonable for their client and will make any necessary revisions or negotiations with the seller`s attorney.
In some cases, the buyer`s attorney may draft the purchase and sale agreement instead of the seller`s attorney. This is more common in situations where the buyer is making an offer on a property and wants to ensure that the terms of the agreement are in their favor.
It`s important to note that while an attorney or real estate agent typically creates the purchase and sale agreement, it is ultimately up to the buyer and seller to agree to the terms and sign the document. In some cases, the buyer or seller may want to make changes to the agreement or negotiate certain terms before signing.
In conclusion, the purchase and sale agreement is a critical document in the process of buying or selling a property. While an attorney or real estate agent may create the agreement, it is ultimately up to the buyer and seller to agree to the terms and sign the document. Both parties should carefully review the agreement to ensure that the terms and conditions are fair and reasonable.