Purchase and Sale Agreement: What is this and when do I need it?
Purchase and Sale Agreements can sound daunting by name, but they don’t have to be! In this article, we will be breaking down what a Purchas and Sale Agreement is and when you need it! Keep on reading to learn some more.
What is a Purchase and Sale Agreement?:
A Purchase and Sales Agreement, (also known as a SPA and Sales and Purchase Agreement) is a legal contract that obligates a transaction between a buyer and a seller.
This agreement is more than just a contract, it also gives the seller and buyer a framework to have a negotiation on the price of whatever it is being sold.
These agreements also include other relevant information. This could include a closing date or contingencies.
This agreement will be used to record everything that goes on before a final price is agreed upon. That price will have to be agreed with both the buyer and the seller.
When Do I Need one?:
A SPA will be necessary when making a large purchase but mostly used for real estate. Whether you’re buying a home, a business or any other massive sale. When working with Hackney estate agents, or any estate agent for that matter, they will most likely have you fill out a Purchase and Sale Agreement.
But, it doesn’t just have to be the purchase of one item that costs a lot, it could also be the agreement used to buy a large quantity of the same things!
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